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

In June 2025, the USD1 stablecoin backed by the Trump family officially landed on the TRON network, which was seen as a direct challenge to the monopoly pattern of USDT and USDC, and quickly sparked heated discussions in the market. At 8 p.m. on June 16, the #SunFlash圆桌以 "The new order of stablecoins: USD1 + TRON will be the third pole in the world after USDT and USDC?" "Start an in-depth conversation on the topic at X Space. This space brings together a number of senior industry KOLs, from the dimensions of technical capabilities, asset models, compliance, capital paths, etc., is there a chance for USD1 to break through the encirclement? Does the TRON chain have the capacity to host the role of a "third pole" stablecoin? and other issues.

In June 2025, the stablecoin market is undergoing a key change. World Liberty Financial, a Trump family cryptocurrency project, has integrated its USD1 stablecoin into the TRON network. This milestone not only consolidates TRON's position as the "first public chain" of stablecoins, but also pushes the alliance between USD1 and TRON to the forefront of the industry: can USD1 become a real "third pole" with its political capital and TRON technology and ecology as the stablecoin market pattern gradually solidifies?

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 a "financial infrastructure". The success or failure of USD1 is not only related to the survival of a single stablecoin, but also will test whether TRON can truly carry the expectations of the "third pole" industry. In this article, we will focus on the core insights of the roundtable and review the wonderful dialogues and unique insights of the panellists.

1. Game-breaker USD1: Challenging the pattern of USDT and USDC The

current global stablecoin market presents an obvious duopoly pattern, with USDT and USDC accounting for nearly 90% of the market share. However, the panellists generally agreed that both are facing structural bottlenecks, while USD1 is breaking through the monopoly barriers of the two giants with its advantages of political endorsement, capital flexibility and sovereign independence.

• The bottleneck of USDT and USDC

Big Dipper pointed out: ".The EU MiCA Act requires stablecoin issuers to be licensed and reserve assets to be strictly pegged to the peg currency, which may lead to exchanges such as Coinbase delisting USDT trading pairs in Europe. In addition, the long-standing issue of reserve transparency further exacerbates the risk, and despite the claim of a 1:1 reserve, the actual issuance often fluctuates with market demand, deviating from the initial commitment. Beidou further added: "Although USDC is known for its compliance, using 100% U.S. Treasury bonds and cash reserves, it also exposes its over-reliance on the traditional financial system.

• Emerging demand and the rise of the third pole space: The

demand for non-traditional stablecoins in the market is breaking through the monopoly barriers of the two giants. Peter Pan believes that the growth stagnation of the two giants is "inevitable" because it is difficult to break through the triple bottleneck of regulatory adaptability, profitability model sustainability and product innovation, which creates opportunities for new stablecoins to differentiate themselves.

Regarding the development trend of the stablecoin pattern in the future, the cryptocurrency industry pointed out: "In the future, there may not be only one or two large stablecoins dominating, but more stablecoin ecology with more diversified and hierarchical levels and stronger suitability, which is in line with the trend of global financial decentralisation and multipolarization."

• USD1 Core Competitiveness: Political Endorsement and Capital Resilience

ZR Toad pointed out that USD1 can meet the needs of multiple scenarios with its multi-chain deployment and flexible issuance mechanism. Peter Pan believes that there are two sides to USD1's sovereign independence: on the one hand, it is better than USDC in terms of censorship resistance to a certain extent through the "decentralised governance committee" mechanism, which is free from the supervision of a single country to a certain extent; But on the other hand, its reserve assets are still highly dependent on the U.S. debt system, and are essentially not detached from the framework of dollar hegemony. If users want to pursue censorship resistance, USD1 is the better choice. However, if users want to pursue fiat stability, USDC has more advantages.

However, the cryptocurrency industry has raised objections, arguing that USDC's strong compliance makes it the first choice for traditional financial institutions, but it also exposes the shortcomings of policy risk concentration (such as the possibility of asset freeze due to regulatory changes in the United States), while USD1 tries to balance regulatory pressure through political resources, which is more suitable for diversified cross-border settlement needs. Compared with USDC, USD1 does show stronger sovereign independence and global applicability, and is a valuable stablecoin form for the future cross-chain financial transnational business ecology.

2. USD1 + TRON will join forces to create a new ecosystem of stablecoins

In the parallel competition pattern of "regulatory differentiation" and "technological breakthrough" in the stablecoin market in 2025, the TRON chain has built a differentiated ecological moat for the emerging stablecoin USD1 with a processing capacity of 2500+ TPS per second, extremely low transaction costs, rich ecological applications and anti-regulatory capabilities. Relying on the technical empowerment of the TRON network and the integration of the Trump family's political capital, USD1 has achieved rapid penetration in emerging markets such as Southeast Asia and Africa, with a circulation of more than US$2.1 billion.

BDStar pointed out that the core value of USD1's choice of TRON as the first main chain lies in multiple compound advantages:

1. Domination of high-frequency payment scenariosWith its high throughput, low cost and rich ecological applications, TRON gives USD1 an advantage in B2B instant settlement, cross-border payment, micro-transfer and other scenarios, which attracts a large number of retail investors and small and medium-sized merchants, forming user stickiness.

2. Regulatory adaptability design:Through the Bubblemaps V2 compliance traceability system, the TRON address is anonymised and the necessary regulatory information is stored by establishing a compliance metadata layer. This "visual anonymity" technology meets both the requirements of the General Data Protection Regulation (GDPR) and the regulatory standards of the Financial Action Task Force (FATF), and has been highly recommended by the European Union's Blockchain Observatory.

Bull Demon King explained from the infrastructure dimension: the TRON network is essentially a "financial highway", and its technology stack (such as the energy pledge mechanism) compresses the transfer cost to nearly zero, while maintaining high concurrency, which can help users quickly cut into the use scenario. This kind of payment efficiency comparable to Visa enables TRON to establish a "moat" in scenarios such as cross-border remittance and merchant settlement.

3. The TRON stablecoin ecosystem continues to expand, providing USD1 with a large amount of operation space

The reason why TRON can become the main battlefield for the practical application of stablecoins is the dual empowerment of the "low-cost + high-efficiency" technical architecture of the TRON network and the expansion of the DeFi ecological territoryFrom the perspective of ecological development, the key accumulations that TRON has completed since its establishment are given:

• Closed-loop ecological layout: from the BitTorrent cross-chain protocol to the JustLend lending platform; From SunSwap, a mainstream DEX platform, to SunCurve, which focuses on stablecoin trading, to the SunPump Meme sector and the APENFT NFT marketplace, TRON has formed a diversified stablecoin application matrix.

• Compliance milestones: Successively obtained financial licenses in the UAE, EU and Singapore, clearing the way for global expansion.

"TRON has built the world's most mature stablecoin financial scenario, driving stablecoins to upgrade from a trading tool to a "revenue-payment-asset management" trinity. In his opinion, the moat of TRON is not only the technical parameters, but also the ability to upgrade the stablecoin from a trading tool to a "financial operating system".

4. USD1 and USDD synergistically realise the diversified pattern of TRON stablecoinsAt

present, the total circulation of on-chain stablecoins such as USDT, USDD, and USDJ of TRON has reached nearly 80 billion US dollars, ranking among the top public chains in the world. With the integration of USD1 into TRON and further enriching the stablecoin matrix of TRON TRON, the guests believe that TRON has built a multi-level, differentiated and complementary stablecoin system.

Peter Pan explained: "TRON is essentially a diversified 'stablecoin supermarket', USD1 service compliance scenario, USDD anchors the demand for high returns in DeFi, and USDT continues to assume the function of a payment channel, and the three realise the flow of funds through liquidity pool sharing. The cryptocurrency industry further pointed out the core complementarity of USD1 and USDD: USD1 and USDD constitute a "regulation-decentralisation" dual-track system, USD1's strong audit characteristics attract institutional funds, and USDD's algorithm flexibility meets the censorship-resistant needs of crypto-native users.

From the perspective of a liquidity hub, BDStar pointed out that TRON's USD1, USDD, and TRX Vault are forming a benign synergy: the core value of USD1 lies in its strong compliance and authoritative endorsement, while USDD, as the native decentralised stablecoin of TRON, maintains the stability of the currency value through the algorithm dynamic adjustment mechanism and over-staking model. Essentially, it is the practice of the idea of autonomy of the crypto-native community. In cross-border payment, the three can achieve a closed-loop of "compliant entrance, on-chain circulation, and revenue generation".

As the roundtable came to an end, Bull Demon King concluded: "TRON is not simply choosing a 'stablecoin supermarket' or a unified settlement layer, but is creating a 'species diversity' of digital finance, USD1 is a compliance channel connecting the traditional world, USDD is the value engine of DeFi, and TRX Vault will be a hub oil to lubricate global capital flows."

5. ConclusionAt

the intersection of technology-driven and political capital, the collaborative experiment of "USD1 + TRON TRON" is reshaping the power structure of stablecoins, as pointed out in the roundtable consensus, TRON has built an unprecedented "species diversity" ecology of stablecoins through ecological expansion and liquidity closed-loop architecture. If USD1 can continue to balance political empowerment and transparency and compliance, and with the dual empowerment of TRON's technical architecture and DeFi ecological territory, its ultimate value and ultimate mission will be to break through the competition of a single currency, and ultimately promote the blockchain to upgrade from a trading tool to a global financial operating system, and promote the next decade of digital finance.