Tether (USDT) and the Tron network are dominating the stablecoin payment market, according to a report by Artemis, Dragonfly, and Castle Island Ventures. USDT accounts for 90% of the transaction volume, with Tron being the preferred settlement network, handling about 60% of these transactions. In February 2025, the annualized payment data reached $72.3 billion. While Circle's USDC is gaining traction, it remains significantly behind USDT in payment scenarios. USDT is particularly popular as a US dollar substitute in emerging markets like Argentina and Brazil, highlighting its stronghold in the stablecoin sector.