Stablecoin transfers on Tron have widened their lead over XRP Ledger activity, as new on-chain data shows stablecoins dominating value settlement while native assets lag. Data sourced from Glassnode and shared on X by analyst CryptoVizart shows a clear divergence across networks.
Using a 90-day simple moving average, combined USDT and USDC transfer volume on Tron reached about $24.2 billion per day by December 2025. Over the same period, XRP’s total daily on-chain transfer volume peaked near $2.2 billion. This comparison reflects sustained stablecoin usage rather than short-term market moves.
The chart compares three metrics over time: XRP transfer volume in USD, combined USDT and USDC transfer volume on Tron, and Bitcoin’s price. While Bitcoin’s price shows repeated rallies and drawdowns, Tron’s stablecoin activity follows a steadier upward path.
Glassnode data tracking top asset transfer volumes signal how stablecoins are now dominating on-chain value flows across networks. Using a 90-day average from early 2023 through late 2025, USDC leads all assets.
USDC transfer volume climbed steadily and reached about $124 billion per day by the end of the period. USDT followed as the second-largest settlement rail at roughly $68 billion per day. Both maintained growth despite broader market slowdowns.
In contrast, native asset transfers remained lower and more cyclical. Bitcoin ranked highest among them, with transfer volume recovering after mid-2024 and reaching about $81 billion.
Ethereum transfer volume stayed comparatively muted at around $7.9 billion. It showed brief spikes in early 2025 but failed to sustain higher levels. Solana followed with roughly $9.6 billion in daily transfers.
XRP and BNB remained near the lower end of the chart. XRP averaged about $2.2 billion per day, while BNB trailed at $1.6 billion. Their activity increased during market expansions but faded during slower periods.
This pattern shows stablecoins serving as routine liquidity rails, while native assets depend more on price-driven cycles. The gap between Tron-based stablecoins and XRP widened sharply through late 2024 and 2025.
Also Read: US Lawmakers Move to Update Crypto Taxes for Stablecoin Payments
Despite subdued on-chain XRP activity, XRP exchange-traded funds continued to post inflows. XRP ETFs recorded a 25-day inflow streak last Friday and closed the week with positive net flows.
At the same time, broader crypto investment products turned negative. CoinShares reported $952 million in outflows last week, marking the first negative week in four weeks.
US-based products accounted for $990 million of those outflows. CoinShares Head of Research James Butterfill linked the pullback to delays in a US crypto market structure bill and concerns over continued whale selling, raising a key question: Can stablecoin-led settlement growth offset weakening investor sentiment?
On-chain data confirms stablecoin transfer volume now dominates crypto settlement activity, with Tron leading through USDT and USDC flows. XRP and other native assets remain far smaller by comparison. This shift hints at stablecoins becoming the primary liquidity rails, even as broader crypto investment sentiment weakens.