Dune analyzed that stablecoins USDT and USDC are specializing in roles, showing strengths in the payment and DeFi (Decentralized Finance) sectors respectively, rather than directly competing. According to Cointelegraph, Dune stated in its report, "In the first half of 2026, USDT processed approximately $95 billion in commercial payments, surpassing USDC's $14 billion, and accounted for about 92% of the total $48 billion in inter-company payments. On Tron (TRX), USDT's largest network, about 93% of the supply was held in wallets rather than exchanges, used as a remittance and payment asset. In contrast, USDC showed strength in DeFi. As of June, USDC transfer volume on Base was $2.6 trillion, the largest among tokens by chain, and USDC transfer volume on Ethereum also reached $1.6 trillion. Meanwhile, USDT and USDC account for about 83% of the roughly $315 billion stablecoin market," it explained.
