USDT dominates real-world commerce: handling $95 billion in payment settlements (compared to USDC's $14 billion) and controlling 92% of the $48 billion B2B market. USDC leads in DeFi: excelling in on-chain liquidity, with transfer volume on the Base chain reaching $2.6 trillion and $1.6 trillion on Ethereum. Retail and remittances rely on Tether, while smart contracts run on USDC. CRCL has an incredibly deep moat.