Dune Analysis: Stablecoin Diversification Intensifies, USDT Wins in Payment Sector, USDC Leads in DeFi

According to a report by Cointelegraph, the latest data from Dune Analytics shows that in the first half of 2026, USDT completed approximately $95 billion in commodity payment settlements, far exceeding USDC's $14 billion; in the business-to-business (B2B) payment sector, USDT accounted for as much as 92%. On Tron, the largest network for USDT, about 93% of the token supply is held in regular wallets.

In contrast, USDC has a significant advantage in the DeFi sector, with USDC processing approximately $2.6 trillion in transfers on the Base network in June, while the Ethereum network processed about $1.6 trillion. Currently, USDT and USDC together account for 83% of the total stablecoin market, which has a market value of approximately $315 billion.