USDT leads stablecoin payments, USDC leads DeFi

The latest data released by Dune Analytics reveals an important fact: stablecoins are entering a new stage of their development. In effect, USDT and USDC no longer seek to dominate the same market. The former established itself as a benchmark in the payment field. The latter has consolidated its position in DeFi\'s core areas. Analysts therefore agreed that this evolution could permanently change the crypto ecosystem. Please see below for details!

Overview

stablecoins no longer compete directly: their use scenarios are becoming specialized.
USDT centralizes most of the crypto payments, with commercial transactions totaling nearly US$95 billion.
USDC remains a leader in DeFi, exchanges and dApps.
Tron, Ethereum, and Base networks play a decisive role in this distribution.
This evolution could redefine the adoption of global stablecoins and accelerate their integration into financial infrastructure.

USDT establishes its status as the king of stablecoin payments

Data compiled by Dune Analytics shows that Tether-issued USDTs dominate commercial transactions. In the first half of 2026 alone, it accounted for approximately US$95 billion in stablecoin payments (compared with USDC\'s only US$14 billion). This corresponds to a ratio of close to 7:1.
Not only that! During the same period, Tether stablecoins also accounted for nearly 92% of the US$48 billion in total inter-business payments (B2B).
Crypto analysts agree: USDT currently outperforms its competitors in the stablecoin payments market, mainly due to the success of Tron\'s crypto network. About 93% of Tether\'s total circulation supply is actually stored in private wallets rather than exchanges or complex agreements.
Breakdown: USDT stablecoins are mainly used as accessible value stores, cross-border fund transfer tools, and direct payment methods for international trade. This illustrates its practical application. More importantly, this performance suggests that Tether is becoming the monetary infrastructure in emerging markets.
It is worth mentioning that in June this year, the market value of USDT briefly surpassed Ethereum.

USDC becomes the preferred stablecoin in the DeFi field

According to Dune\'s analysis report, Circle\'s USDC has emerged as a reference asset in the following aspects:
liquidity provider;
lending platform;
algorithmic trader.
Specifically, data reports show that USDC stablecoins are heavily concentrated on the Ethereum network and its main Layer 2 extension layer Base. For example, in June 2026, USDC transfers on the Base Encrypted Network reached a historical peak of US$2.6 trillion. This is the highest number among all token-blockchain combinations that Dune tracks.
What\'s even more interesting is! During the same period, the digital asset processed $1.6 trillion in transactions on Ethereum.
But Dune\'s analysis also revealed another key indicator: the speed of money flow. On Base, the daily circulation rate of USDC is approximately 20 times its circulation supply. This means that Circle\'s single digital dollar unit is reused on average 20 times a day in various smart contracts, revenue cycles, and decentralized exchanges (DEX).
Unlike the USDT, the USDC stablecoins mainly flow in an ecosystem where capital is constantly redistributed between different agreements. In short, they rely mainly on on-chain liquidity.

Chart showing stablecoin flow rates (Source: Dune)

Historic concentration redefines the structure of the crypto market

Dune\'s analysis confirms an important point: the stablecoin market is entering a mature stage. The days of unnecessary competition between USDT and USDC are over. Today, the two major stablecoin issuers no longer compete for the same market share. They are extending their respective monopoly positions into different areas. As a result, each asset is gradually developing its specialized characteristics.
It is worth noting that Tether and Circle jointly control nearly 83% of the global industry\'s market value, which totals US$315 billion. This calculation is based on tracking more than 200 stable assets on multiple blockchain networks.
To summarize this shift, Dune CEO Fredrik Haga said at the ETHCC 2026 conference in Cannes:
\"The train is moving now.\"
For investors, the evolution of the stablecoin market suggests that multiple players now coexist by meeting different needs:
On the one hand, USDT has become the asset of choice for international payments, fund transfers and daily settlements.
On the other hand, USDC has become an important part of the DeFi protocol, trading platform and new financial services built on blockchain.
Key indicators now include transaction volume, token circulation speed, depth of liquidity, and diversity of use cases. In other words, the adoption of stablecoins no longer depends solely on their size. It also (and especially!) Depends on their ability to effectively meet specific needs within the encryption ecosystem.

The segmentation of the stablecoin market complicates the task of U.S. regulators

The GENIUS Act, signed in June 2025, created the first federal framework for payment stablecoins. Under the law, banks may issue digital assets pegged to the U.S. dollar. At the same time, the CLARITY Act defines areas for intervention by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The bill was passed by the Senate Banking Committee in May by a 15 - 9 vote. Since then, it has faced continued resistance.
Before July 4, there were indeed three unresolved differences that prevented the vote:
Moral obligations;
Protection of DeFi developers; and
stablecoin earnings rules.
The Senate will resume work on July 13, with approximately three working weeks before its August recess. Without a clear framework to distinguish between payment stablecoins and the large number of stablecoins used for DeFi, regulatory uncertainty could put pressure on the entire industry.

Faced with growing institutional demand, what is the future of stablecoins?

According to Dune\'s analysis report, the evolution of the stablecoin market segmentation by purpose may be just a stage. Driven by the rise of digital payments, asset tokenization and the arrival of new institutional players, this trend may even intensify further in the coming years.
These are all factors that should strengthen the differentiated use of mainstream stablecoins.
Not only that! If new issuers target specific market segments, such as inter-business payments or institutional liquidity, the line between payments and DeFi could also be redrawn.
For Tether, the challenge will be to consolidate its leading position in payments while supporting the expansion of the digital economy. For Circle, the priority may still be integrating the USDC into decentralized financial infrastructure and regulated financial services.
In any case, the differentiation of the stablecoin market proves the maturity of the crypto ecosystem. The next thing to see is whether the emergence of central bank digital currencies (CBDC) will upset this perfectly coordinated private balance. You know, the latter is not unanimously recognized.