Tether USDT Beats Rival USDC Stablecoin On BitPay In 2025
USDC, the second-largest stablecoin, has lost market share to Tether’s USDT on BitPay in 2025. In January 2024, USDC held 85% of transactions, but by May 2025, this dropped to 56%, while USDT rose to 43%. This shift occurred despite Circle's optimism surrounding its public launch and regulatory advantages under the EU's MiCA. Tether's USDT has also led in payment volume, exceeding 70% of stablecoin transactions on BitPay since March 2025. Factors contributing to USDT's rise include increased overall stablecoin transactions and merchant preference. Tether has rejected MiCA compliance and has no plans for an IPO, contrasting with Circle's regulatory approval and public trading debut. Despite losing ground on BitPay, USDC's market capitalization grew by 88% over the past year, reaching $61.7 billion, while USDT increased by 40% to $158.3 billion. Year-to-date, USDC's market cap rose by 41%, compared to USDT's 15.5%.
