USDT's global supply barely moved in Q2 - roughly $184B, effectively unchanged. @trondao slice of it hit an all-time high $90B, about 47% of every USDT in existence. This is what happens when people are choosing a rail instead of inheriting one. The composition explains the choice. Around 93% of stablecoin transfer volume on @trondao is p2p, the highest of any chain. Among chains with native USDT issuance, TRON's share of sub - $1,000 transfers moved from 43% to 52% in a single quarter. Retail is not a segment here. It is the base load. Most networks treat that traffic as low value. TRON converted it into $89M in protocol fees, second only to Hyperliquid, and 34% of crypto card volume, the highest share of any chain. Card spend across all chains grew from $2.0B to $2.4B, so TRON took a bigger slice of a bigger pie. The lesson for anyone building payments: distribution beats architecture. Stablecoin flows settle where the users already are, and users stay where fees are predictable and sending $200 does not feel like a decision.