USDC Outpaces USDT in Growth Rate for Two Consecutive Years…Demand for Regulated Stablecoins Expands
공유하기
Summary
- USDC reportedly recorded a higher growth rate than USDT for two consecutive years.
- Regulatory clarity and the strengthening of the U.S. legal framework are cited as the background for USDC's growth.
- Global financial and payment companies are said to be showing strong interest in regulatory-friendly stablecoins.
Dollar-linked stablecoin USDC has recorded faster growth than Tether's USDT for two consecutive years. This is interpreted as an effect of expanding demand for regulatory-friendly stablecoins centered in the United States.
On the 6th, according to crypto-focused media CoinDesk, Circle's USDC market capitalization increased 73% during 2025 to reach $75.12 billion. Over the same period, USDT's market capitalization rose 36% to $186.6 billion. Previously in 2024, USDC also grew 77%, surpassing USDT (50%).
USDC uses a structure fully backed by cash and short-term U.S. Treasury securities, and its reserves are held at regulated financial institutions. Circle holds money-transmission licenses in numerous U.S. states and, in Europe, has been operating under an e-money license according to the MiCA regulatory framework since 2024.
By contrast, USDT operates without formal regulatory approval in the U.S. and Europe. Tether is registered as a digital asset service provider in El Salvador, and there are regional differences in its reserve composition and regulatory status.
Market participants point to regulatory clarity as a major factor behind USDC's growth. After the passage of the GENIUS Act, which established a legal framework for payment stablecoins in the United States, financial institutions and large corporations are reported to be showing interest in stablecoins that meet regulatory requirements.
In practice, USDC is being used in the settlement and financial operations of global financial and payment firms such as Visa, Mastercard, and BlackRock. In a report last year, JPMorgan stated, "USDC has high credibility among institutional investors and regulated entities because it provides reserve transparency and a regular audit system."
Currently, USDC and USDT account for more than 80% of the total stablecoin market capitalization of $312 billion.
The outlet reported, "The industry is watching whether future expansion of the stablecoin market will concentrate growth in the existing two major stablecoins or be dispersed to other stablecoins."
