The cryptocurrency market has faced a dip over the last few days as fresh volatility has entered the market. The rise in volatility could be due to the upcoming Federal Reserve announcement on the US monetary policy. While the market is slowing down, TRON (TRX) is seeing rallies across all time frames. The asset is up 3.4% in the daily charts, 6.9% in the weekly charts, 12.3% in the 14-day charts, 22.1% over the previous month, and 146% since July 2024, as per CoinGecko’s TRON statistics.
What’s Pushing TRX?
TRON (TRX) has seen some healthy rallies over the last few days. The latest upswing comes amid a market-wide pullback. TRX’s upward momentum could be due to the recent rise in stablecoin popularity.
According to cryptocurrency analysis firm CryptoQuant, TRX’s upswing is likely due to USDT dominance and DeFi momentum on the network. TRON’s network activity has hit a multi-year high. The network registered 273 million transactions in May 2025 and 28.7 million active addresses in June 2025. Network fees also surged to a record high of $308 million in June, marking the highest fees ever in TRX’s history.
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Stablecoins have become one of the pillars of the crypto industry over the last few years. The passing of the GENIUS Act by the US House of Representatives has led to stablecoins becoming even more popular. According to CryptoQuant, TRON saw 384 million USDT transfers in the first half of 2025. The figure represents 98% of the top 10 token transfers. CryptoQuant notes that TRON has overtaken Ethereum in USDT supply. There is about $80.8 billion USDT on TRON.
On the other hand, there is about $73.8 billion USDT on Ethereum. With stablecoins becoming a staple in the crypto sector, this figure is expected to grow over the coming years. TRX may see its bullish phase continue as stablecoins dominate global blockchain money.