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USDT vs. USDC

Stablecoins and Cross-Border Transactions

Analytics Insight

Which Stablecoin is Dominating the Market?

Stablecoins have become the backbone of the digital asset economy. They offer a bridge between volatile cryptocurrencies and the steadiness of fiat currency. In 2025, the competition between Tether (USDT) and USD Coin (USDC) is at the forefront. Both tokens are competing for dominance in a rapidly evolving crypto market. So, let's dig deeper into which stablecoin is leading, and why.

Market Share and Capitalization

USDT remains the undisputed leader in the stablecoin sector. As of February 2025, USDT boasted a market capitalization of $146 billion. Thus, commanding about 64% of the stablecoin market share. In contrast, USDC's market cap stood at $56 billion, representing a 24.5% share. Together, these two stablecoins control nearly 90% of the total stablecoin market.

On Ethereum, the largest blockchain for stablecoins, USDT still leads with a 52% share. However, USDC is catching up, having increased its share to 30% in 2025. While USDT's dominance is clear, USDC's growth trajectory is notable. The latter's market cap surged by $16 billion in 2025 alone, outpacing USDT's $7 billion increase over the same period.

Adoption and Liquidity

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