Allium Breakthrough 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" (2026 Q1) provides an in-depth analysis of stablecoins' evolution as a new payment infrastructure, with TRON's positioning and data performance being particularly prominent.

Below, based on the report's core analysis, we extract TRON's key role in the stablecoin payment ecosystem:

1/ Duopoly Supply Structure Remains Unchanged, TRON Solidifies 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 stablecoin supply share
Despite Solana, Base, BSC and other chains rapidly catching up in transaction activity, the "Ethereum + TRON" dual giant structure at the supply level remains solid and unlikely to be shaken in the short term.

2/ TRON's Unique Positioning: Global USDT Payment Backbone
The report explicitly describes TRON as:
TRON is core infrastructure for USDT in emerging markets, retail, commerce, and cross-border payment scenarios
• Its ultra-low fees + deep USDT liquidity make it particularly suitable 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-layer framework" for stablecoin infrastructure:
• Settlement Giants: Ethereum (institutional large-value settlement) + TRON (emerging markets USDT circulation)
• Growth Engines: Solana, BSC, Base, etc. (fastest growth in 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" lane.

4/ Strategic Outlook
TRON is not competing with Ethereum for institutional settlement, but rather continuing to consolidate its position as the "USDT payment superhighway" in global emerging economies.

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

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