Key facts
- USDT accounted for 92% of $48 billion in business-to-business payment volume.
- On Tron, 93% of USDT supply is held in ordinary wallets, not exchanges.
- USDC on Base recorded daily velocity of 20 times its circulating supply in June.
- USDT and USDC together account for 83% of the stablecoin market's $315 billion capitalization.
- The GENIUS Act, signed into law in 2025, created the first federal regulatory framework for payment stablecoins.
- The CLARITY Act, currently being debated, would define SEC and CFTC jurisdiction over crypto assets.
Data from Dune indicates a divergence in the use cases of major stablecoins Tether (USDT) and Circle (USDC), with each carving out distinct niches within the cryptocurrency ecosystem. USDT has emerged as the dominant stablecoin for on-chain payments, settling approximately $95 billion in identified commerce payments during the first half of 2026, and accounting for about 92% of business-to-business payment volume. Its significant presence on the Tron network, where 93% of its supply is held in ordinary wallets, underscores its role in payments and remittances.
Conversely, USDC has solidified its position as the leading stablecoin in decentralized finance (DeFi). In June, USDC on the Base blockchain processed $2.6 trillion in transfer volume, the highest among all token-chain pairs, while an additional $1.6 trillion was handled on Ethereum. USDC on Base also exhibited a daily velocity of roughly 20 times its circulating supply, reflecting its extensive use in trading and DeFi activities.
These findings suggest that the narrative of direct competition between USDT and USDC is becoming outdated. Instead, the stablecoins are increasingly becoming chain-specific products serving different functions. USDT's supply is nearly evenly split between Tron and Ethereum, while USDC remains heavily concentrated on Ethereum, despite its expansion to other blockchains.
Together, USDT and USDC represent approximately 83% of the stablecoin market's $315 billion capitalization. In the United States, the stablecoin sector has seen regulatory developments, including the passage of the GENIUS Act in 2025, which established a federal framework for payment stablecoins. Lawmakers are currently debating the CLARITY Act, which aims to define regulatory jurisdiction for crypto assets between the SEC and CFTC, potentially shaping the broader operating environment for stablecoin issuers and DeFi platforms.