Overview
- JPMorgan reports that Circle’s USDC has overtaken Tether’s USDT in on‑chain activity as users shift toward regulated stablecoins.
- USDC’s market value has climbed about 72% in 2025 to roughly $74 billion, outpacing USDT’s approximately 32% rise.
- Europe’s MiCA rollout has led several exchanges to curb or remove USDT pairs, creating regional liquidity splits that favor authorized issuers.
- USDC’s usage has been lifted by faster growth on Solana and Base plus integrations with Visa, Mastercard and Stripe for payments and settlement.
- Tether says it holds about $135 billion in U.S. Treasury bills and has launched USA₮ to align with the new U.S. GENIUS Act framework.