USDT wins payments, USDC wins DeFi as stablecoins diverge: Dune

USDT wins payments, USDC wins DeFi as stablecoins diverge: Dune

Dune data shows Tether's USDT has become crypto’s dominant payments stablecoin while Circle's USDC powers DeFi, highlighting how blockchain choice shapes stablecoin use.

USDC on Base recorded daily velocity of about 20 times its circulating supply in June, reflecting its extensive use in trading and DeFi.

The findings suggest the traditional USDT-versus-USDC narrative is becoming less useful. Instead, each stablecoin is carving out its own niche, with USDT dominating payments and USDC underpinning much of crypto’s trading and DeFi activity.

USDT’s supply is split almost evenly between Tron and Ethereum, while USDC remains heavily concentrated on Ethereum despite expanding to newer blockchains.

The findings come as the two digital assets continue to dominate the stablecoin market. Together, they account for roughly 83% of the sector’s approximately $315 billion market capitalization, according to Dune, which tracked more than 200 stablecoin tokens across multiple blockchains.

Regulatory developments

The stablecoin sector has gained momentum in the United States following the passage of the GENIUS Act. Signed into law in 2025, GENIUS established the first federal regulatory framework for payment stablecoins, paving the way for banks and other companies to issue US dollar-pegged digital assets.

Lawmakers are now debating the CLARITY Act, which would establish a broader market structure for digital assets by defining when crypto assets fall under the jurisdiction of the US Securities and Exchange Commission or the US Commodity Futures Trading Commission. While the bill does not regulate stablecoins directly, it would shape the broader regulatory environment in which stablecoin issuers, exchanges and DeFi platforms operate.

CLARITY cleared the Senate Banking Committee in May and could receive a full Senate vote before the August recess, although Galaxy recently trimmed its odds of passage before the break to 50% as lawmakers run short on time.