Allium Major Report: TRON Locks in Global Stablecoin "Second Pole," 31% Supply + Emerging Market 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 notable positioning and data performance for TRON.

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

1/ Supply Duopoly Remains Unchanged, TRON Holds 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 stablecoin supply share

Despite Solana, Base, BSC and other chains rapidly catching up in transaction activity, the "Ethereum + TRON" dual-giant structure remains solid at the supply level, 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 transaction fees + deep USDT liquidity make it particularly suitable for high-frequency, small-value, and cross-border real payment needs
• Especially in emerging market commerce 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 market 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 settlement, but rather continuously consolidating its position as a "USDT payment superhighway" across global emerging economies.

Report Summary on TRON in One Sentence:
As 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 status in the USDT ecosystem.

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