USDT dominates payments, USDC gains ground in DeFi

The two largest stablecoins are increasingly carving their own paths. While USDT is the undisputed king in commercial payments, USDC holds a dominant position in the world of decentralised finance. This is according to data from Dune Analytics, published by Cointelegraph.

USDT processes billions in business payments

In the first half of 2026, USDT handles approximately $95 billion in commercial payment settlements, while USDC accounts for just $14 billion. In the business-to-business (B2B) segment, USDT even commands a market share of 92%, leaving the competition far behind.

The largest portion of USDT supply resides on the Tron network, which accounts for 33.2% of the total circulating supply. Notably, on Tron around 93% of all USDT is held in regular wallets, demonstrating its use as a store of value or means of payment outside DeFi. Tether is also expanding its presence further, including towards the Bitcoin network via the RGB protocol.

USDC dominates in DeFi

In the realm of decentralised applications, the picture is exactly the opposite. In June, USDC processed over $2.6 trillion in transfer volume on Base and $1.6 trillion on Ethereum. Ethereum is currently at $1.700, a decline of 2.3% in the past 24 hours. Nonetheless, the network remains the beating heart of the DeFi sector, where USDC plays a central role.

Together, USDT and USDC represent 83% of the total stablecoin market capitalisation, which currently stands at around $315 billion. The rest of the market is divided among players such as USDC on Solana, USDS on Ethereum, and DAI, each holding a small but visible share according to Dune data. The growth of the stablecoin market is also reflected in regulation: MiCA now counts 21 approved stablecoin issuers within Europe. The divide between USDT and USDC looks set to sharpen further as both market segments continue to expand.