Circle's USDC Outpaces Growth of Tether's USDT for Second Year Running
Circle's USDCUSDC-- outpaced the growth of Tether's USDTUSDT-- in 2025 for the second consecutive year. Despite USDT maintaining a larger overall market share, USDC saw stronger traction among U.S.-based businesses and regulatory clarity. This trend continued as stablecoin volumes hit record highs, with EthereumETH-- processing over $8 trillion in stablecoin transfers during the fourth quarter.
The broader stablecoin market saw robust growth in 2025, with overall supply climbing to an all-time high. Tether and USDC together accounted for 90% of the total stablecoin market value. However, smaller stablecoins like EURCEURC-- and PYUSD also saw significant growth, suggesting the market is beginning to diversify.
Regulatory developments played a key role in USDC's momentum. The Digital Asset Market Clarity Act passed in July 2025 helped define oversight responsibilities between the SEC and CFTC, reducing uncertainty in the sector. USDC's clear compliance edge made it more attractive to U.S. institutions and investors seeking stable digital assets.
Why Did USDC Outpace USDT in Growth?
USDC's regulatory advantages allowed it to gain a foothold in U.S. markets where businesses were increasingly cautious about compliance risks. In contrast, TetherUSDT-- faced ongoing scrutiny over its reserves and transparency, making it a less preferred choice for institutional users.
The Ethereum network further supported USDC's expansion. With over 65% market share of total RWA on-chain value, Ethereum has become the dominant settlement layer for stablecoins. USDC's strong presence on Ethereum helped drive its transaction volumes, which reached as high as $3.29 trillion monthly.
How Did the Market Respond to the Growth in Stablecoins?
Market participants have taken note of the increased volumes and adoption of stablecoins. Stablecoin transfers on Ethereum surged to $8 trillion in Q4 2025, double the figure from Q2. This suggests growing use cases in global payments and cross-border transactions.
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