Dune platform analysts concluded that the USDT and USDC stablecoins no longer competed directly, occupying different niches on the crypto market. Together, they account for ~83% of the $315 billion Stablecoin market capitalization. USDT dominates payments, accounting for approximately $95 billion of identified commercial transfers (compared to $14 billion for USDC) and $44.2 billion of the $48 billion of B2B transfers.

Specialization is confirmed by distribution across networks: ~93% of USDT’s offerings in Tron are stored on users' wallets (not exchanges), which indicates use for payments and remitters. USDC on Base showed about $2.6 trillion in remittances (compared to $1.6 trillion for Ethereum), and average daily turnover is about 20 times higher than supply - a sign of active use in trading and DeFi.

The authors of the study emphasize: the allocation of a stablecoin depends on the network. USDT on Tron - a payment medium, on Ethereum - a settlement asset for CEX; USDC on Base - trade collateral, on HyperEVM - a pledge for open-ended contracts. Previously, Visa Allium reported a record-high transaction volume with stablecoins in June of $1.79 trillion.