Cryptocurrency infrastructure is starting to look more like established finance. New data from Dune shows that global stablecoin leaders USDT Tethera and USDC Circle are no longer competing for the same users, with each now dominating a different corner of the market. Meanwhile, demand for MiCA-compliant euro stablecoins is accelerating, indicating that the stablecoin economy is slowly expanding beyond the US dollar.
Elsewhere on Crypto Biz, Strategy has reignited debate over its “never sell” philosophy after offloading more than $200 million in Bitcoin (BTC) to fund shareholder dividends, while Vanguard signaled that even Wall Street’s biggest crypto skeptics support tokenization.
The employ cases for USDT and USDC diverge as stablecoins become network-specific
According to novel data from Dune, USDT has become the dominant payment stablecoin, while USDC has established itself as the preferred DeFi settlement asset.
Instead of competing directly with each other, the two largest stablecoins in the industry play distinct roles. USDT settled $95 billion in identified commercial payments in the first half of 2026 and continues to dominate business-to-business transfers. Meanwhile, USDC powers onchain trading and DeFi activity, processing trillions of dollars in monthly transfers on Base and Ethereum.
The discrepancy suggests that Tether and Circle are strengthening their positions where network effects are already on their side.
The USDT supply is split almost equally between Tron and Ethereum, while USDC remains very lively on Ethereum. source: Dune
Strategy sells over $200 million in BTC
The strategy sold 3,588 Bitcoins worth $216 million to fund preferred stock dividends, marking the largest sale since BTC was adopted as a treasury asset.
The sale reduced Strategy’s stake to 843,775 BTC and is in line with the novel capital framework that allows the sale of Bitcoin to fund dividend payments. Still, the company has kept its $2.55 billion cash reserve intact, suggesting that the largest publicly traded BTC holder is not under liquidity pressure but favors greater financial flexibility as its preferred shares are trading below par.
According to Bernstein analysts, the sale is unlikely to signal a broader shift away from Strategy’s Bitcoin accumulation strategy. Still, it has sparked fresh debate about the company’s shift away from co-founder Michael Saylor’s longtime “never sell” mantra, even though Strategy remains the largest corporate buyer of Bitcoin.
Strategy’s annual net purchases of Bitcoin. Source: Bernstein
Euro stablecoins are gaining popularity thanks to MiCA
According to payments company Decta, the market capitalization of MiCA-compliant euro stablecoins increased by 128% in the year leading up to the July 1 EU regulatory transition deadline, suggesting that the largely US dollar-dominated stablecoin market is beginning to diversify.
The total value of the eight actively traded euro stablecoins increased to almost $674 million, while trading volume increased by 43% over the same period. To be sure, euro-pegged tokens remain a niche market, accounting for just 0.22% of the approximately $315 billion-backed stablecoin sector.
The enhance comes as Europe debates whether its MiCA system helps or hinders the bloc’s digital asset ambitions. Industry groups argue that the framework makes euro stablecoins safer but less competitive thanks to strict reserve requirements and a yield ban, while policymakers remain divided on whether relaxing the rules would lend a hand the euro compete with the dollar.
Market capitalization of the eight largest euro-denominated stablecoins. source: Decta
Vanguard is seeking a Chief Digital Asset Officer
Vanguard is hiring a chief digital asset officer to oversee its tokenization, stablecoin and blockchain infrastructure strategy, signaling a noticeable shift for one of Wall Street’s most cryptoskeptical asset managers.
According to the job posting, the novel director will lend a hand shape Vanguard’s approach to digital asset custody products and services and will represent the asset manager in talks with regulators. The hiring stands in piercing contrast to the asset manager’s long-standing refusal to offer or even support cash Bitcoin ETFs.
The move reflects a broader shift in established finance, where tokenization has become a strategic priority regardless of companies’ views on cryptocurrencies. Asset managers including BlackRock, Franklin Templeton, Fidelity and WisdomTree have expanded their offerings of tokenized funds as demand for blockchain-based financial products continues to grow.
The job posting for head of digital assets first appeared on July 6. Source: Vanguardjobs.com
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