USDT wins payments, USDC wins DeFi as stablecoins diverge: Dune

Dune data shows Tether's USDT has become crypto’s dominant payments stablecoin while Circle's USDC powers DeFi, highlighting how blockchain choice shapes stablecoin use.

The world’s biggest stablecoins are increasingly becoming chain-specific financial products, with Tether’s USDt (USDT) and Circle’s USDC (USDC) serving distinct roles across the crypto ecosystem rather than competing head-on.

Dune’s Digital Asset Brief found that USDT overwhelmingly dominates onchain payments. During the first half of 2026, the biggest stablecoin settled about $95 billion in identified commerce payments, compared with $14 billion for second-biggest USDC. It also accounted for roughly 92% of the $48 billion in business-to-business payment volume. On Tron, USDT’s largest network, around 93% of the token’s supply is held in ordinary wallets rather than on exchanges, underscoring its role as a payment and remittance asset.

USDC, meanwhile, has established itself as the dominant stablecoin in decentralized finance. USDC on Base processed roughly $2.6 trillion in transfer volume in June, the highest of any token-chain pair, while on Ethereum, that stablecoin handled another $1.6 trillion. 

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