Allium Heavy Report: TRON Locks in Global Stablecoin "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 TRON's positioning and data performance being particularly prominent.

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

1/ Supply-side duopoly structure remains unchanged, TRON holds solid second position

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 share

Despite rapid advancement in transaction activity from chains like Solana, Base, and BSC, the "Ethereum + TRON" binary structure at the supply level remains solid and unlikely to be disrupted 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, commerce, and cross-border payment scenarios
• Its ultra-low transaction fees combined with deep USDT liquidity make it particularly suitable for high-frequency, small-value, and 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-layer 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 functional stratification: TRON firmly occupies the "low-cost, broad coverage, real payment-oriented" track.

4/ Strategic outlook

TRON is not competing with Ethereum for institutional-grade settlement, but rather continuously consolidating its position as a "USDT payment highway" in emerging economies globally.

One-sentence summary of the report's assessment of TRON:
In stablecoins' transition from "trading collateral" to "real payment rail," TRON has become an indispensable foundational layer connecting emerging market retail, commerce, and cross-border payments, with particularly prominent positioning within the USDT ecosystem.

Data source: Allium Research – Stablecoins: The Emergence of a New Payment Rail Q1 2026

@justinsuntron #TRONEcoStar