The report shows that Tether and Tron dominate the rapidly rising stablecoin payment sector.

Gate News bot news, analysis from the company Artemis in a report titled “Stablecoin Payments from Scratch” pointed out that Tether’s USDT token and the Tron blockchain network dominate the rapidly rising stablecoin payment industry.

The report, assisted by venture capital firms Dragonfly and Castle Island Ventures, analyzed data from 31 stablecoin payment companies and found that the leading stablecoin USDT accounted for 90% of payment transaction volume, followed by Circle’s USDC in second place. Tron is the preferred settlement network, accounting for approximately 60% of transaction volume, followed by Ethereum and Polygon.

The snapshot of stablecoin payment volume in February shows an annualized payment volume of 72.3 billion USD, covering various payment types and sectors (B2B, P2P, B2C, credit cards, and lending).

In addition, Dragonfly general partner Rob Hadick stated that Circle, which applied for an IPO this week on the New York Stock Exchange, has been seizing market share in issuance from Tether. Therefore, in terms of payment volume, the expected level may be on par with Tether or grow proportionally.

Source: CoinDesk