Allium Heavy Report: TRON Locks in Global Stablecoins "Second Pole," 31% Supply + Emerging Markets Dominance

Allium Research's latest report "Stablecoins: The Emergence of a New Payment Rail" (Q1 2026) provides an in-depth analysis of stablecoins' evolution as a new payment infrastructure, with particularly outstanding data on TRON's positioning and performance.

Below are key insights extracted from the report's core analysis, highlighting TRON's critical role in the stablecoin payment ecosystem:

1/ Dual Giants on the Supply Side, TRON Maintains Solid Second Place
Global stablecoin total supply reaches $266.3B
• Ethereum still dominates: approximately 58.8%
• TRON follows closely: approximately 31%
Combined, they account for nearly 90% of total stablecoin supply

Despite rapid activity growth on chains like Solana, Base, and BSC in transaction volumes, the supply-level "Ethereum + TRON" dual giant structure remains solid and difficult to shake in the short term.

2/ TRON's Unique Positioning: Global USDT Payment Backbone
The report explicitly describes TRON as:
TRON is the core infrastructure for USDT in emerging markets, retail, commercial, and cross-border payment scenarios

• Its ultra-low fees + deep USDT liquidity make it particularly suited for high-frequency, small-value, cross-border real payment needs
• Especially in emerging markets' commercial flows and remittance scenarios, TRON plays a critical role

3/ Multi-Chain Specialization Has Become a Structural Trend
Allium proposes a "three-tier framework" for stablecoin infrastructure:
• Settlement Giants: Ethereum (institutional large-value settlement) + TRON (emerging markets USDT circulation)
• Growth Engines: Solana, BSC, Base, etc. (fastest-growing high-frequency trading)
• Long Tail: Other L1/L2s

The market is not moving toward single-chain monopoly, but rather follows **functional stratification**: TRON firmly occupies the "**low-cost, broad coverage, real payment-oriented**" track.

4/ Strategic Outlook
TRON is not competing with Ethereum on institutional-grade settlement, but rather continuously consolidating its position as the "USDT payment highway" across global emerging economies.

One-sentence summary of the report's judgment on TRON:
As stablecoins transition from "trading collateral" to "real payment rails," TRON has become an indispensable foundational layer connecting emerging market retail, commerce, and cross-border payments, with particularly prominent status in the USDT ecosystem.

Data Source: Allium Research – Stablecoins: The Emergence of a New Payment Rail (Q1 2026)
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