Tether's USDT settled approximately $95 billion in identified commerce payments during the first half of 2026, nearly seven times the $14 billion processed by Circle's USDC, according to Dune's Digital Asset Brief. The data reveals functional divergence between the two largest stablecoins, which now serve chain-specific roles rather than competing directly. Together, USDT and USDC account for roughly 83% of the stablecoin market's approximately $315 billion capitalization across more than 200 tokens tracked by Dune.
USDT Captures 92% of B2B Payment Volume While USDC Dominates DeFi Infrastructure
USDT accounted for approximately 92% of the $48 billion in business-to-business stablecoin volume during the first half of 2026, according to the Dune report. On Tron, the token's largest network, roughly 93% of the USDT supply sits in ordinary wallets rather than on exchanges. That distribution pattern points to USDT's entrenched role as a remittance and payment rail, particularly in emerging markets where low transaction fees on Tron have made it the default transfer layer for cross-border commerce.
USDC occupies the opposite end of the spectrum. On Coinbase's Base network, the token processed about $2.6 trillion in transfer volume in June alone, the highest of any token-chain pair tracked by Dune. On Ethereum, USDC handled another $1.6 trillion during the same period. Daily velocity on Base reached approximately 20 times USDC's circulating supply, a metric that reflects intensive use in liquidity provision, decentralized lending, and automated trading strategies.
Dune CEO Identifies Stablecoins as Blockchain's Largest Economic Sector
Dune co-founder and CEO Fredrik Haga said at ETHCC 2026 in Cannes that stablecoin usage in payments, treasury management, and B2B transactions has made the sector the most significant part of the onchain economy.
"That train has really left the station," Haga said. "The numbers are simply much bigger, and this will continue to be the largest segment of the market."
Haga added that recent US regulatory clarity is enabling a wider range of assets to move onchain but cautioned that over-regulating onchain activity risks breaking the programmability and composability that make these systems useful. He described stablecoins as the clearest and most scalable application of blockchain technology to date.
Functional Divide Surfaces Unresolved US Regulatory Questions
The functional divide between USDT and USDC surfaces a question that US lawmakers have not yet resolved: whether a stablecoin used primarily for commerce payments should face the same regulatory treatment as one that underpins trillions of dollars in DeFi activity.
The GENIUS Act, signed into law in 2025, created the first federal framework for payment stablecoins. The CLARITY Act, which would define broader digital asset jurisdiction between the SEC and the CFTC, cleared the Senate Banking Committee on a 15-9 vote in May but has since stalled.
Three unresolved disputes, centered on ethics disclosures, DeFi developer protections, and stablecoin yield rules, blocked a floor vote before the administration's July 4 target.
The Senate returns from recess on July 13 with roughly three usable weeks before the August break. Brian Gardner, chief Washington policy strategist at Stifel, wrote that the bill "probably needs to get through the Senate by the end of July" and that missing that window would cause its prospects to deteriorate significantly.
FAQ
How much payment volume did Tether's USDT settle during the first half of 2026?
Tether's USDT settled approximately $95 billion in identified commerce payments during the first half of 2026, nearly seven times the $14 billion processed by Circle's USDC, according to Dune's Digital Asset Brief.
What percentage of business-to-business stablecoin volume did USDT account for in the first half of 2026?
USDT accounted for approximately 92% of the $48 billion in business-to-business stablecoin volume during the first half of 2026, according to the Dune report.
What is the current status of the CLARITY Act in the US Senate?
The CLARITY Act cleared the Senate Banking Committee on a 15-9 vote in May but has since stalled. Three unresolved disputes blocked a floor vote before the administration's July 4 target. The Senate returns from recess on July 13 with roughly three usable weeks before the August break.
