USDT Leads Commercial Payments With $95B in H1 2026 as USDC Retains DeFi Leadership

Dune Analytics estimates that commercial payments using USDT reached nearly $95 billion in the first half of 2026, compared with approximately $14 billion for USDC, underscoring USDT's lead in the sector.

The stablecoin also captured 92% of the business-to-business (B2B) payments market over the period. On Tron, its largest blockchain network, about 93% of the circulating USDT supply is held in regular wallets, underscoring the network's central role in USDT usage.

While USDT remained the leading choice for commercial transactions, USDC continued to dominate decentralized finance (DeFi). In June, the stablecoin recorded roughly $2.6 trillion in transfer volume on Base and $1.6 trillion on Ethereum, reflecting its strong presence across DeFi ecosystems.

Together, USDT and USDC account for 83% of the stablecoin market, which has a total market capitalization of approximately $315 billion, illustrating their combined dominance across both payment and DeFi use cases.

Source: Dune Analytics