WuBlockchain
Dune Analytics data show USDT processed roughly $95 billion in commercial payment settlements in the first half of 2026, dwarfing USDC's $14 billion. USDT captured 92% of B2B payment volume, with Tron hosting most of that activity. About 93% of USDT's Tron supply sits in regular wallets rather than smart contracts, a sign it is used as a settlement rail rather than DeFi collateral.
Why it matters
USDC, by contrast, dominated on-chain finance. In June, it processed about $2.6 trillion in transfer volume on Base and $1.6 trillion on Ethereum. The split reflects how issuers and chains have optimised for different use cases: USDT for cross-border and commercial settlement, USDC for programmable money inside DeFi protocols.
Market impact
Together, USDT and USDC account for 83% of the stablecoin sector's roughly $315 billion market cap. The divergence has become a defining feature of the market, with each token commanding a different chain footprint and user base. Investors and builders increasingly choose based on use case rather than treating the two as interchangeable dollars.
Source: [Dune: USDT Leads Payments, USDC Dominates DeFi — Cointelegraph](https://cointelegraph.com/news/usdt-wins-payments-usdc-wins-defi-as-stablecoins-diverge-dune)
Frequently asked questions
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What did Dune data show about USDT vs USDC in 2026?
Dune Analytics data show USDT processed roughly $95 billion in commercial payment settlements in H1 2026, far exceeding USDC's $14 billion. USDT captured 92% of B2B payment volume.
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Where does USDC dominate in on-chain activity?
USDC dominates DeFi and on-chain transfers. In June 2026, it processed about $2.6 trillion in transfer volume on Base and $1.6 trillion on Ethereum.
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What share of the stablecoin market do USDT and USDC hold?
Together, USDT and USDC account for 83% of the stablecoin sector's roughly $315 billion total market capitalization, making them the dominant issuers by a wide margin.
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Why is most USDT supply on Tron held in regular wallets?
About 93% of USDT's Tron supply sits in regular wallets rather than smart contracts, indicating it is used as a settlement and payment rail rather than DeFi collateral.
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What does the USDT vs USDC divergence mean for users?
The split means users increasingly choose between the two based on use case: USDT for cross-border and B2B payments, USDC for programmable money inside DeFi protocols on Base and Ethereum.
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