Tether’s USDT token and the Tron blockchain network dominate the rapidly growing stablecoin payment industry, according analytics firm Artemis with help from investment firms Dragonfly and Castle Island Ventures. Their report looked at data from 31 stablecoin payment companies, and found USDT, the largest stablecoin, accounted for 90 percent of payment transaction volume, followed by Circle’s USDC, the second-largest. Tron was the preferred settlement network, hosting around 60 percent of volume, followed by Ethereum, Binance Smart Chain and Polygon. It’s perhaps surprising that the share of Circle’s USDC isn’t larger, given the firm’s involvement in payments and recent plans to introduce a dedicated cross-border payments network. In addition, Circle, which this week filed for an initial public offering on the New York Stock Exchange, has been taking market share from Tether in terms of issuance, so the expectation might have been a similar or pro-rata level when it comes to payments volume, said Dragonfly general partner Rob Hadick. “For the 31 providers we got data from at least, it’s clear that’s not the case for the payments use case,” Hadick said. “In fact, a higher portion of the volume, relative to the issuance, is happening with Tether, and it’s happening primarily on Tron and then Ethereum. This was quite surprising to us.”