TRON handles trillions in stablecoin transfers. How much does the network earn?

TRON’s third-quarter figures show $2.21 trillion in stablecoin settlement alongside $701.4 million in network fees. The two totals measure different things, and neither is a payment to TRON DAO. Summary TRON recorded $2.2126 trillion in stablecoin settlement during Q3, up 5.1% from the preceding quarter. Network fees totaled $701.4 million across July, August and September, according to TRON DAO Research. Approximately 1.10 billion transactions went through the chain in Q3, broadly unchanged from Q2. TRON generated 360.2 million TRX and burned 234.5 million TRX in Q3, leaving net issuance of 125.8 million. The network’s $93.88 billion USDT and USDD balance at quarter-end measures outstanding tokens, not fee income. TRON settled more stablecoin value in the third quarter even as the number of transactions barely changed. TRON DAO Research’s quarterly report recorded $2.2126 trillion in stablecoin settlement, up from $2.106 trillion in Q2. It put fees at $701.4 million, or about $7.62 million a day using its reported daily series. The latest figures raise a straightforward question behind a large transfer headline: who paid to move the dollars, and who received the economic benefit? ...