Crypto’s infrastructure is starting to look a lot more like traditional finance. New data from Dune shows that the world’s stablecoin leaders — Tether’s USDT and Circle’s USDC — 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, hinting that the stablecoin economy is slowly expanding beyond the US dollar.
Elsewhere in Crypto Biz, Strategy 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 are embracing tokenization.
USDT, USDC use cases diverge as stablecoins become chain-specific
USDT has become crypto’s dominant payments stablecoin while USDC has cemented itself as DeFi’s preferred settlement asset, according to new data from Dune.
Rather than competing head-on, the industry’s two largest stablecoins are carving out distinct roles. USDT settled $95 billion in identified commercial payments during the first half of 2026 and continues to dominate business-to-business transfers. USDC, meanwhile, is driving onchain trading and DeFi activity, processing trillions of dollars in monthly transfer volume across Base and Ethereum.
The divergence suggests Tether and Circle are strengthening their positions where network effects are already on their side.
The supply of USDT is divided almost evenly between Tron and Ethereum, while USDC remains highly active on Ethereum. Source: Dune
Strategy sells more than $200 million in BTC
Strategy sold 3,588 Bitcoin worth $216 million to fund preferred stock dividends, marking its largest sale since adopting BTC as its treasury asset.
The sale trimmed Strategy’s holdings to 843,775 BTC and follows a new capital framework that allows Bitcoin sales to fund dividend payments. Even so, the company kept its $2.55 billion cash reserve intact, suggesting the biggest publicly traded BTC holder isn’t under liquidity pressure but is opting for greater financial flexibility as its preferred shares trade below par.
The sale is unlikely to signal a broader shift away from Strategy’s Bitcoin accumulation strategy, according to Bernstein analysts. Still, it has fueled fresh debate over the company’s departure from co-founder Michael Saylor’s long-standing “never sell” mantra, even as Strategy remains the largest corporate buyer of Bitcoin.
Strategy’s yearly net Bitcoin purchases. Source: Bernstein
Euro stablecoins gain traction under MiCA
The market capitalization of MiCA-compliant euro stablecoins surged 128% in the year leading up to the EU’s July 1 regulatory transition deadline, suggesting the overwhelmingly US dollar-dominated stablecoin market is beginning to diversify, according to payments company Decta.
The combined value of eight actively traded euro stablecoins climbed to nearly $674 million, while trading volume increased 43% over the same period. To be sure, euro-pegged tokens remain a niche market, accounting for just 0.22% of the roughly $315 billion dollar-backed stablecoin sector.
The growth comes as Europe debates whether its MiCA regime is helping or hindering the bloc’s digital asset ambitions. Industry groups argue the framework has made euro stablecoins safer but less competitive through strict reserve requirements and a ban on yield, while policymakers remain divided over whether loosening the rules would help the euro compete with the dollar.
The market capitalization of the eight largest euro-denominated stablecoins. Source: Decta
Vanguard seeks digital asset executive
Vanguard is hiring a head of digital assets to oversee its strategy on tokenization, stablecoins and blockchain infrastructure, signaling a notable shift for one of Wall Street’s most crypto-skeptical asset managers.
The new executive will help shape Vanguard’s approach to digital asset products and custody and represent the asset manager in discussions with regulators, according to the job posting. The hiring stands in sharp contrast to the asset manager’s long-standing refusal to offer or even support spot Bitcoin ETFs.
The move reflects a broader shift across traditional finance, where tokenization has become a strategic priority regardless of firms’ views on cryptocurrencies. Asset managers, including BlackRock, Franklin Templeton, Fidelity and WisdomTree, have all expanded their tokenized fund offerings as demand for blockchain-based financial products continues to grow.
The head of digital assets job posting first appeared on July 6. Source: Vanguardjobs.com
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