Allium Heavy Report: TRON Locks in Global Stablecoins "Second Pillar," 31% Supply + Emerging Market 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 new payment infrastructure, with TRON's positioning and data performance particularly standing out.

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

1/ Dual-Power Supply Structure Unchanged, TRON Occupies 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 stablecoin supply share

Despite Solana, Base, BSC and other chains rapidly catching up in transaction activity, the supply-level "Ethereum + TRON" dual-giant structure remains solid and unlikely to be shaken in the near 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 fees + deep USDT liquidity make it particularly suitable for high-frequency, small-value, cross-border real payment needs
• Especially in emerging market commercial flows and remittance scenarios, TRON plays a critical role

3/ Multi-Chain Specialization Division Has Become a Structural Trend

Allium proposes a "three-tier 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 track of "**low-cost, broad coverage, real-payment-oriented**."

4/ Strategic Outlook

TRON is not competing with Ethereum for institutional-grade settlement, but rather continuously consolidating its position as the "USDT payment superhighway" across 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 status in the USDT ecosystem.

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