Tether’s USDT, price over $155 billion, has commanded a near-monopoly over the stablecoin marketplace for almost a decade.
Incomes $13 billion in revenue final yr, essentially the most transaction quantity of any crypto asset — together with BTC itself — and benefiting from its asset supervisor becoming a member of the presidential cupboard of Donald Trump, many individuals doubted any stablecoin may ever compete.
Nevertheless, for the primary time in historical past, the world’s largest stablecoin issuer is reckoning with critical competitors within the type of Circle.
Circle has superior its USDC remarkably this yr, and Protos has compiled information on three metrics by which it has gained floor towards Tether.
For the primary time in historical past, the world’s largest stablecoin issuer is reckoning with critical competitors.
Though Tether stays the market chief and retains a dominant share of tokens excellent, search queries, and buying and selling quantity, Circle’s progress charges spotlight some areas through which it’s gaining floor.
On the finish of the day, a very powerful metric by which to rank a stablecoin issuer is its market cap share. By this metric, USDT stays the chief with 61.5% of the $253 billion market.
USDC, in second place, has a 24% share.
Nonetheless, Circle’s progress is nonetheless spectacular.
Circle positive aspects floor on Tether in 2025
Because the starting of the yr, Circle has elevated USDC’s circulating provide by 40.4%. That compares to USDT’s 13.6% improve over the identical interval.
Particularly, USDC’s circulating provide has grown from simply over 43.7 billion to greater than 61.4 billion. USDT excellent has grown from 137 billion to only over 155.7 billion.
That is the primary metric of Circle’s outperformance.
Second, worldwide Google search queries for USDC have additionally grown 3% this yr from 64 to 66. USDT, a way more in style time period on an absolute foundation, has declined in recognition 25% from Google Developments’ 82 to 61 rating.
Third, USDC has additionally outperformed USDT in fiat buying and selling quantity progress charges. Though USDT stays essentially the most voluminously transacted digital asset on an absolute foundation, USDC has captured a little bit of USDT’s market share in 2025.
A snapshot from Bitstamp exhibits the speed of decline in USD buying and selling volumes from This autumn 2024 versus the trailing three months is much slower for USDC versus USDT.
Particularly, USDC volumes ticked 0.2% down from 197 million versus USDT’s 26% decline from 851 to 628 million.
Circle has additionally gained a disproportionate quantity of media consideration relative to its principal competitor in 2025. Since January, articles mentioning USDC have grown 75% from 24,169 to 42,455 per information from MuckRack.
USDT media mentions have grown a extra modest 42%, from 55,473 to 78,680.
Media progress is attributable, in fact, to Circle’s IPO. Certainly, its company valuation has elevated 10X this yr from $4.79 billion to $48 billion, thanks largely to its US inventory market debut.
Though a few of Circle’s progress has captured share from Tether, Tether has elevated in worth in its personal proper.
Nevertheless, the non-public firm hasn’t performed any financings that replace Tether’s company valuation from its $7 billion, pre-Trump election valuation. Consequently, it’s not possible to match the valuations of the 2 firms.
