Stablecoin Market Shifts as USDT and USDC Carve Out Distinct Roles

The stablecoin market is evolving, with USDT and USDC carving out distinct roles. According to Dune data, Tether's USDT has become the dominant payments stablecoin, settling $95 billion in identified commercial payments during the first half of 2026.

Meanwhile, Circle's USDC is driving onchain trading and DeFi activity, processing trillions of dollars in monthly transfer volume across Base and Ethereum. This divergence suggests that Tether and Circle are strengthening their positions where network effects are already on their side.

The supply of USDT is divided almost evenly between Tron and Ethereum, while USDC remains highly active on Ethereum.