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" ((Q1 2026)) provides an in-depth analysis of stablecoins' evolution as a new payment infrastructure, with particular emphasis on TRON's positioning and data performance.

The following extracts key insights from the report, highlighting TRON's critical role in the stablecoin payment ecosystem:

1/ Supply-side duopoly remains unchanged, TRON solidifies its second position
Global stablecoin total supply reaches $266.3B
• Ethereum still dominates: approximately 58.8%
• TRON follows closely: approximately 31%
Combined, they capture nearly 90% of stablecoin supply share
Despite rapid progress by Solana, Base, BSC and other chains in transaction activity, the "Ethereum + TRON" dual-giant structure remains robust at the supply level, unlikely to be shaken in the short term.

2/ TRON's unique positioning: the core USDT payment backbone globally
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 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 **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" in emerging economies globally.

Report's assessment of TRON in one sentence:
In stablecoins' transition from "trading collateral" to "real payment rail," TRON has become an indispensable foundational layer connecting emerging markets' 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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