Dune data shows Tether's USDT has become crypto’s dominant payments stablecoin while Circle's USDC powers DeFi, highlighting how blockchain choice shapes stablecoin use. The world’s biggest stablecoins are increasingly becoming chain-specific financial products, with Tether’s USDt (USDT) and Circle’s USDC (USDC) serving distinct roles across the crypto ecosystem rather than competing head-on.