LATEST: Stablecoins are splitting by use case, with USDT handling ~$95B in identified commerce payments in H1 2026 while USDC leads in DeFi and trading activity, according to Dune.

What happened

In the first half of 2026, USDT processed about ninety‑five billion dollars in identified commerce payments, while USDC was the leading stablecoin for decentralized finance (DeFi) and trading activity, according to Dune data.

Confirmed

Global impact / market context

The split creates separate demand drivers: USDT’s commerce use may raise its transaction‑fee revenue and require more cash on hand (liquidity, meaning readily available funds), while USDC’s DeFi lead could attract yield‑seeking capital and shape protocol integrations.

Analyst inference

The stablecoin market is dividing by function, with some tokens becoming preferred for everyday commerce while others dominate decentralized finance and trading, showing users need different speed, trust levels, and integration options.

Analyst inference

What to watch

1. If USDT’s commerce volume keeps growing, merchants may adopt it more widely, increasing its market share and prompting payment processors to prioritize its integration. Analyst inference
2. USDC’s dominance in DeFi and trading could lead to additional protocol integrations, boosting its utility and potentially raising the value of any associated governance token. Analyst inference
3. Regulators may treat payment‑focused and DeFi‑focused stablecoins differently, affecting compliance costs and risk assessments for investors holding each token. Analyst inference

Affected assets

• USDT — Tether
• USDC — USD Coin

Evidence

• x.com