A foothold for stablecoins

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The infrastructure of cryptocurrencies is becoming increasingly similar to traditional finance. New data from Dune shows that the global leaders in stablecoins-Tether\'s USDT and Circle\'s USDC-no longer compete for the same group of users, but each occupies different corners of the market. At the same time, demand for euro stablecoins that meet MiCA standards is accelerating, indicating that the stablecoin economy is gradually emerging from the shadow of the dollar.

In other aspects of Crypto Biz, Strategy sold more than $200 million in bitcoin to pay shareholder dividends, reigniting debate over its \"never sell\" philosophy; while Vanguard shows that even Wall Street\'s biggest cryptocurrency skeptics are embracing tokenization.

USDT and USDC are used differently, and stablecoins tend to specialize on-chain

According to Dune\'s latest data, USDT has become the mainstream payment stablecoin in the cryptocurrency field, while USDC has consolidated its position as DeFi\'s preferred settlement asset. These two stablecoins do not confront each other head-on, but have opened up different roles in their respective fields. In the first half of 2026, USDT processed US$95 billion in identified commercial payments and continues to dominate inter-business transfers. At the same time, the USDC promotes on-chain transactions and DeFi activities, processing trillions of dollars in monthly transfers on the Base and Ethereum networks.

This divergence suggests that Tether and Circle are strengthening their positions in areas where their respective network effects already dominate.

The supply of USDT is almost evenly distributed across Tron and Ethereum, while USDC remains highly active on Ethereum. Source: Dune

Strategy sells more than $200 million in bitcoin

Strategy sold 3,588 bitcoins (worth $216 million) to pay a preferred stock dividend, its largest sale since using bitcoin as a reserve asset. The sale reduced Strategy\'s position to 843,775 bitcoins and followed a new capital framework that allows dividends to be paid through the sale of bitcoins. Even so, the company retains $2.55 billion in cash reserves, indicating that the largest publicly traded Bitcoin holder is not facing liquidity pressures and instead chooses to gain greater financial flexibility if its preferred shares fell below par value.

Bernstein analysts believe that the sale is unlikely to mean Strategy will completely abandon its bitcoin accumulation strategy. However, it did reignite controversy over the company\'s departure from co-founder Michael Saylor\'s long-held \"never sell\" doctrine, even though Strategy remains the largest buyer of corporate bitcoin.

Strategy\'s annual net bitcoin purchases. Data source: Bernstein

Euro stablecoins gain growth momentum under the MiCA framework

Payments company Decta said the market value of euro stablecoins that meet MiCA standards surged 128% in the year leading up to the EU\'s July 1 regulatory transition deadline, indicating that the dollar-dominated stablecoins market is beginning to diversify. The total value of the eight actively traded euro stablecoins climbed to nearly US$674 million, with trading volume increasing 43% over the same period. Of course, euro-pegged tokens remain a niche market, accounting for only 0.22% of the approximately US$315 billion supporting stablecoin industry.

This increase comes amid debate within Europe whether the MiCA system has helped or hindered the region\'s digital asset ambitions. Industry groups believe that the framework makes euro stablecoins safer but less competitive through strict reserve requirements and bans on earnings, while policymakers remain divided on whether loosening the rules will help the euro compete with the dollar.

Market values of the eight largest euro-denominated stablecoins. Source: Decta

Vanguard seeks digital asset executives

Vanguard is hiring a digital asset leader to oversee its strategy in tokenization, stablecoins and blockchain infrastructure. This marks a significant shift for one of Wall Street\'s most cryptocurrency suspicious asset managers. Recruitment information shows that the new executive will help develop Vanguard\'s strategy on digital asset products and custody and represent the asset management company in discussions with regulators. The hiring contrasts sharply with the company\'s long-standing refusal to provide or even support spot Bitcoin ETFs.

The move reflects a broader shift in traditional finance-no matter what companies think about cryptocurrencies, tokenization has become a strategic priority. As demand for blockchain-based financial products continues to grow, asset management companies including BlackRock, Franklin Templeton, Fidelity and WisdomTree have expanded their tokenized fund products.