Weekly Data Report — September 28–October 4, 2026

This is the data edition for September 28–October 4, 2026. Every figure below carries an as-of date and a source, and every value from outside the window is marked as background rather than presented as current.

Where sources or definitions disagree — which they do again this week, on the all-stablecoin total and on TRON's USDT balance — we publish both readings and explain the difference instead of choosing one. This week adds a third discipline: DeFiLlama restated last week's baseline upward, and we show what the move looks like under both the old and the revised base.

1. Stablecoin Market Cap (by Token)

The float gave back roughly two-thirds of last week's $1,549.7M rebound, and the composition matters more than the size: USDC's −$1,369.3M is a broad multi-chain drawdown while USDT grew on both of the chains that matter for payments. The 30-day picture stays positive for all definitions that include it, which is the honest frame for a two-way week. The final day extended the move — the Big-3 printed −$363.9M day-over-day, $357.5M of it USDC — so the week ended with the contraction still running.

2. USDT Supply by Chain

TRON's USDT balance is marked derived because this week's source reports the change but not an absolute level for the chain; adding the change to last week's published base is arithmetic, not a new reading, and it is labelled as such. The +$120.6M answers last week's watch item — the outflow did not extend — but one rebound week makes a range, not a trend. Ethereum's second consecutive decline is the quieter multi-week signal in this table.

3. USDC Supply by Chain — and a Baseline Restatement

The measurement lesson of the week sits in the Solana row. DeFiLlama restated its September 23 chain-level baseline upward after last week's issue was published — Solana's USDC balance moved from the $7.290B that issue printed to $7.958B, a $668M upward revision. Measured from the restated base, Solana's USDC fell $611.7M across the week; measured against the level a reader saw in the prior issue, the same balance is close to flat. Both readings come from the same source. This report uses the restated base for week-over-week arithmetic, takes every figure from a single same-moment pull, and flags the restatement rather than silently absorbing it — a restated base changes every percentage a reader might compute from last week's table.

4. Total Stablecoin Market — a Tracker Band, Not a Point

Three cuts inside one week span roughly $9B. The differences are methodological — issuer coverage, burn handling, snapshot timing — not errors, and the honest presentation is the band itself. What the band agrees on: the market is above $300B, USDT holds a 58–60% supply share, and the last week of September was flat-to-down rather than the continuation of the rebound that the mid-month prints suggested.

5. TRON Network & Activity

Activity metrics are the strongest part of TRON's week: a second consecutive week near 100 million transactions, a $163B measured weekly transfer volume, and the 52% small-transfer share — the single most payment-relevant ratio the chain publishes, because exchange settlement runs in large tickets and retail payments do not. Volume above a flat float is velocity, and velocity is what a fee market prices.

6. TRON Energy Market

The floor held: 23 SUN for a third consecutive week, with TronRental holding the cheapest spot this week after TronBid took it last week. Mid-market 1-hour quotes stayed in the 35–38 SUN band (TronScan.energy live table, read October 4–5), and the TronBid P2P orderbook snapshot of October 3 showed 1-day orders from 30 to 50 SUN and 30-day offers from 25 SUN. The week's supply-side news is JustLend's energy-rental base-rate cut from 15% to 8% (October 2), pricing 100,000 energy at 4.102 TRX per day — about 41 SUN per day — a marginal loosener arriving against a floor that has not moved. TronScan.energy's USD column remains computed at an implied TRX price near $0.10 and is not used here; every USD cell is recomputed from the SUN price at the October 4 close of $0.3358.

7. Per-Chain USDT Transfer Cost

The comparison table is unchanged in shape and marginally repriced in dollars: TRX's +0.72% week lifts every TRX-denominated cost by less than a cent, and the honest cross-chain read is the one established last week — TRON's rented path overlaps Ethereum's measured medians at the mid-market and competes on price stability, acceptance, liquidity and tooling rather than on the absolute floor.

8. Exchange & Treasury Flows

The Bitget rows are this report's exchange-stress case study, and they answer different questions: the outflow is a flow, the PoR is a stock snapshot, and the fund is a backstop balance — quoting them separately is the discipline. The Tron Inc. rows are the energy market's demand-side baseline: a 252-day buying streak that stakes into validation rather than listing energy for sale.

9. TRX Price, the TRXS ETF and Staking

TRX rose 0.72% against a bitcoin week that went nowhere — a reversal of last week's divergence, and a reminder that the token trades on its own cycle of structural staking demand and DAT/ETF accumulation rather than on beta to the market. The accumulation side added ten-broker distribution for TRXS and two more price-insensitive treasury purchases; the measurement side is still waiting for either an updated TRXS net-asset figure or the Q3 staking print.

10. Anomalies & Watch Items

• Baseline restatement: DeFiLlama's upward revision of the September 23 Solana USDC base (+$668M) changes the week-over-week read on that chain from roughly flat to −$611.7M; both readings are from the same source and both are shown in section 3.
• Tracker band: $313.2B (DefiLlama cut) versus $304.2B and $305.8B (Rise report trackers) for the same week — a ~$9B methodological spread, disclosed rather than averaged.
• Dual basis on USDT-on-TRON persists: ~$92.46B derived on the DeFiLlama basis versus >$94B official copy and $94.1–94.6B total-stablecoins cuts — the chain-balance gap is not reconcilable from public data and both are shown.
• Venue day-boundary: Gate.io prints the window high ($0.3410) on September 30, OKX on September 29; cross-source differences this week are under 1%.
• Derived values: TRON's USDT balance is computed from last week's published base plus this week's change and labelled as such; residual rows are implied, not observed.
• JustLend's sTRX APY has no in-window reading; the JUST Weekly note covering Sep 29–Oct 5 was published October 6 and is carried as background.

Disclaimer: This content is for informational purposes only and does not constitute financial, legal or investment advice. Crypto and stablecoin payments carry risks, including price volatility and regulatory change.