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USDT and USDC split stablecoin market roles
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USDT and USDC split stablecoin market roles

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  • Dune data shows USDT dominates blockchain payments while USDC leads decentralised finance activity.
  • USDT settled about US$95 billion in identified commerce payments during the first half of 2026, compared with US$14 billion for USDC.
  • The findings suggest the two largest stablecoins are increasingly serving different roles rather than competing directly.

Tether's USDt (CRYPTO:USDT) and Circle's USDC (CRYPTO:USDC) are increasingly serving different roles in the digital asset market, with Dune data showing USDT leading payments and USDC dominating decentralised finance activity.

During the first half of 2026, USDT settled approximately US$95 billion in identified commerce payments compared with US$14 billion for USDC, while accounting for about 92% of US$48 billion in business-to-business payment volume.

On Tron, around 93% of USDT's supply is held in ordinary wallets rather than exchanges, while USDC processed about US$2.6 trillion in transfer volume on Base during June and a further US$1.6 trillion on Ethereum (CRYPTO:ETH).

According to Dune, USDT and USDC together account for approximately 83% of the stablecoin market's US$315 billion capitalisation, and no direct market reaction accompanied the report.

The findings suggest USDT has become the preferred stablecoin for payments and remittances, while USDC has established itself as the primary stablecoin supporting cryptocurrency trading and decentralised finance applications.

The report comes as US lawmakers continue debating the CLARITY Act following the introduction of the GENIUS Act in 2025, which created the first federal regulatory framework for payment stablecoins in the United States.

At the time of reporting, Ethereum price was $1,777.56.

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