Stablecoin Market Shifts as USDT Dominates Payments and USDC Leads in DeFi

The stablecoin market has entered a new phase of development, according to data from Dune Analytics. USDT and USDC are no longer competing directly for market share, but instead have specialized in different areas.

USDT has established itself as the dominant player in commercial transactions, with nearly 95 billion dollars in stablecoin payments observed in the first half of 2026. This represents a significant lead over USDC, which accounted for only 14 billion dollars during this period.

The success of USDT is largely attributed to its adoption on the Tron network, where it has captured nearly 93% of the total circulating supply. Tether's stablecoin has become the preferred asset for international payments, fund transfers, and daily settlements.