Circle Stablecoin Supply Up $1.7B in 7 Days; Tron Network Grows $950M

The split matters more than the total: Tron absorbing roughly half of Circle's weekly expansion suggests the marginal demand is still concentrated in the network most associated with offshore, high-turnover dollar flows rather than in regulated, onshore venues. That has implications for where issuance growth actually translates into trading and payments activity, and for the compliance posture of the broader stablecoin complex. Whether Tron's share of new supply keeps pace with the rest of Circle's distribution is the open question.