Space Review | The New Order of Stablecoins: USD1+ TRON, Will It Be the Global Third Pole After USDT and USDC?

In June 2025, the USD1 stablecoin supported by the Trump family officially launched on the TRON network, which is seen as a direct challenge to the duopoly of USDT and USDC, quickly sparking market discussions. On the evening of June 16 at 8 PM, the #SunFlash roundtable opened a deep dialogue on the theme "New Order of Stablecoins: USD1 + TRON, Will It Be the Global Third Pole After USDT and USDC?" This Space gathered several senior industry KOLs, who conducted an in-depth analysis of whether USD1 has the opportunity to break through the encirclement from dimensions such as technical capability, asset model, compliance, and capital pathways. Can the TRON chain bear the role of the 'third pole' stablecoin?

In June 2025, the stablecoin market is undergoing a critical change. The Trump family's cryptocurrency project, World Liberty Financial, has integrated its USD1 stablecoin into the TRON network. This milestone not only solidifies TRON's position as the "first public chain" for stablecoins but also pushes the collaboration between USD1 and TRON into the industry's spotlight: in today's increasingly solidified stablecoin market landscape, can USD1 leverage political capital and TRON's technology and ecosystem to become the true "third pole"?

Behind this stablecoin race is a comprehensive upgrade of the TRON ecosystem. From the absolute dominance of USDT to the strong entry of USD1, TRON is transforming from a "stablecoin channel" to "financial infrastructure." The success or failure of USD1 not only concerns the survival of a single stablecoin but will also test whether TRON can truly bear the industry's expectations for the "third pole." This article will focus on the core insights from the roundtable, reviewing the guests' exciting dialogues and unique perspectives.

1. Breakthrough USD1: Challenging the Duopoly of USDT and USDC

Currently, the global stablecoin market exhibits a clear duopoly, with USDT and USDC collectively occupying nearly 90% of the market share. However, guests generally believe that both face structural bottlenecks, while USD1 is breaking through the monopoly barriers of the two giants with its political endorsement, capital flexibility, and sovereign independence.

• Bottlenecks of USDT and USDC

Beidouxing pointed out: "The EU's MiCA legislation requires stablecoin issuers to operate with a license, and reserve assets must be strictly pegged to the currency, which may lead to exchanges like Coinbase delisting USDT trading pairs in Europe. Additionally, the long-standing issue of reserve transparency further exacerbates risks; despite claiming a 1:1 dollar reserve, the actual issuance often fluctuates with market demand, deviating from initial commitments." Beidouxing further added: "Although USDC excels in compliance, using 100% US Treasury bonds and cash reserves, it also exposes excessive reliance on the traditional financial system."

• Emerging Demand and the Rise of the Third Pole Space

The market's demand for non-traditional stablecoins is breaking through the monopoly barriers of the two giants. Xiaofeixia believes that the stagnation of the two giants' growth is "inevitable," as they struggle to overcome the triple bottlenecks of regulatory adaptability, sustainable profit models, and product innovation, creating opportunities for new stablecoins through differentiated positioning.

Regarding the future development trend of the stablecoin landscape, Bijiangxia pointed out: "In the future, there may not be only one or two large stablecoins dominating; instead, a more diversified and layered stablecoin ecosystem that is more suitable will emerge, aligning with the global trend of financial decentralization and multipolar development."

• Core Competitiveness of USD1: Political Endorsement and Capital Flexibility

ZR Chan pointed out that USD1, with its multi-chain deployment and flexible issuance mechanism, can meet the needs of diverse scenarios. Xiaofeixia believes that USD1's sovereign independence has two sides: on one hand, it somewhat escapes the regulation of a single country through a "decentralized governance committee" mechanism, making it superior to USDC in terms of censorship resistance; on the other hand, its reserve assets still heavily rely on the US Treasury bond system, essentially not breaking away from the framework of dollar hegemony. If users seek censorship resistance, USD1 is the better choice. However, if users pursue legal stability, USDC has the advantage.

But Bijiangxia raised a counterpoint, arguing that USDC's strong compliance makes it the preferred choice for traditional financial institutions, but it also exposes the shortcoming of concentrated policy risk (e.g., changes in US regulations could lead to asset freezes), while USD1 attempts to balance regulatory pressure through political resources, making it more suitable for diverse cross-border settlement needs. Bijiangxia emphasized that USD1 indeed demonstrates stronger sovereign independence and global applicability compared to USDC, making it a valuable stablecoin form for the future cross-chain financial multinational commercial ecosystem.

2. USD1 + TRON, Strong Partnership to Create a New Stablecoin Ecosystem

In the competitive landscape of the 2025 stablecoin market, where "regulatory differentiation" and "technological breakthroughs" coexist, the TRON chain, with its processing capacity of over 2500 TPS, extremely low transaction costs, rich ecological applications, and regulatory resistance, builds a differentiated ecological moat for the emerging stablecoin USD1. Relying on the technological empowerment of the TRON network and the political capital integration of the Trump family, USD1 has achieved rapid penetration in emerging markets such as Southeast Asia and Africa, with a circulation exceeding $2.1 billion.

Beidouxing pointed out that the core value of USD1 choosing TRON as its primary launch chain lies in multiple composite advantages:

1. Dominance in High-Frequency Payment Scenarios: TRON, with its high throughput, low cost, and rich ecological applications, allows USD1 to occupy an advantage in scenarios such as B2B instant settlement, cross-border payments, and small transfers, attracting a large number of retail and small merchants, forming user stickiness.

2. Regulatory Adaptability Design: Through the Bubblemaps V2 compliance traceability system, while anonymizing TRON addresses, a compliance metadata layer is established to retain necessary regulatory information. This "visualized anonymity" technology meets the requirements of the General Data Protection Regulation (GDPR) and complies with the regulatory standards of the Financial Action Task Force (FATF), and has been prominently recommended by the EU Blockchain Observatory.

Niu Mo Wang explained from the infrastructure perspective: the TRON network is essentially a "financial highway," and its technology stack (such as the energy staking mechanism) compresses transfer costs to nearly zero while maintaining high concurrency, helping users quickly engage in usage scenarios. This payment efficiency comparable to Visa establishes a "moat" for TRON in scenarios such as cross-border remittances and merchant settlements.

3. Continuous Expansion of TRON's Stablecoin Ecosystem Provides Ample Operational Space for USD1

The reason TRON can become the main battlefield for the actual application of stablecoins is due to the dual empowerment of TRON's "low-cost + high-efficiency" technical architecture and the expansion of its DeFi ecological landscape. ZR Chan provided key accumulations completed by TRON since its establishment from the perspective of ecological development:

• Ecological Layout Closure: From the BitTorrent cross-chain protocol to the JustLend lending platform; from the mainstream DEX platform SunSwap to the stablecoin-focused trading platform SunCurve, and the SunPump Meme section, as well as the APENFT NFT market, TRON has formed a diversified stablecoin application matrix.

• Compliance Milestones: Continuously obtaining financial licenses from the UAE, EU, and Singapore, clearing obstacles for global expansion.

Bijiangxia further pointed out the ecological synergy value of TRON: "TRON has built the world's most mature stablecoin financial scene, driving stablecoins from trading tools to a three-in-one infrastructure of 'yield-payment-asset management.'" In his view, TRON's moat is not only technical parameters but also the ability to upgrade stablecoins from trading tools to a "financial operating system."

4. USD1 and USDD Collaborate to Achieve a Diverse Stablecoin Landscape on TRON

Currently, the total circulation of on-chain stablecoins such as USDT, USDD, and USDJ on TRON has approached $80 billion, firmly ranking among the top public chains globally. With the integration of USD1 into TRON, it further enriches TRON's stablecoin matrix. Guests believe that TRON has currently built a multi-layered, differentiated, and complementary stablecoin system.

Xiaofeixia explained: "TRON is essentially a diversified 'stablecoin supermarket,' with USD1 serving compliant scenarios, USDD anchoring DeFi high-yield demands, and USDT continuing to perform payment channel functions, with the three sharing liquidity pools for fund circulation." Bijiangxia further pointed out the core complementarity between USD1 and USDD: USD1 and USDD form a "regulatory-decentralized" dual-track system, where USD1's strong audit characteristics attract institutional funds, while USDD's algorithmic flexibility meets the censorship resistance needs of crypto-native users.

Beidouxing pointed out from the perspective of liquidity hubs that TRON's USD1, USDD, and TRX Vault are forming a positive synergy: The core value of USD1 lies in its strong compliance and authoritative endorsement, while USDD, as TRON's native decentralized stablecoin, maintains its value stability through an algorithmic dynamic adjustment mechanism and an over-collateralization model, essentially practicing the autonomous concept of the crypto-native community. In cross-border payments, the three can achieve a closed loop of "compliance entry - on-chain circulation - yield generation."

As the roundtable approached its conclusion, Niu Mo Wang summarized: "TRON is not simply choosing a 'stablecoin supermarket' or a unified settlement layer, but is creating 'species diversity' in digital finance. USD1 is a compliant channel connecting the traditional world, USDD is the value engine of DeFi, and TRX Vault will become the hub oil that lubricates global capital flows."

5. Conclusion

At the intersection of technology-driven and political capital, the collaborative experiment of "USD1 + TRON" is reshaping the power structure of stablecoins. As the roundtable consensus indicates, TRON, through ecological expansion and liquidity closed-loop architecture, has constructed an unprecedented "species diversity" ecosystem for stablecoins. If USD1 can continue to balance political empowerment with transparent compliance, and leverage TRON's technological architecture and DeFi ecological landscape for dual empowerment, its ultimate value and mission will transcend single-coin competition, ultimately promoting the blockchain from a trading tool to a global financial operating system, driving the next decade of digital finance.