USDC’s Growth Narrows Gap with Tether’s Dominance in Stablecoins
- Tether’s USDT circulation stands at $186 billion, while USDC has reached $79 billion, marking an increase of 72% year-over-year.
- In Q4, USDC’s on-chain transaction volume hit $12 trillion, a rise of 247% from the previous year.
- Stablecoin market capitalization is approximately $315 billion, with USDT holding a market share of about 58%.
- USDC accounted for $18.3 trillion in stablecoin transactions in 2025, compared to USDT’s $13.3 trillion.
- Visa has initiated USDC settlements in the U.S., reporting a monthly settlement volume run rate of $3.5 billion as of November.
The stablecoin landscape is shifting as USDC gains traction in regulated payments and institutional settlements, while Tether maintains its lead in overall supply and exchange distribution.
With USDC reaching an all-time high market cap near $79 billion and transaction volumes increasing significantly, the competition between USDT and USDC highlights evolving dynamics in the stablecoin sector.(Source)
