tl;dr
Circle’s USDC and Tether’s USDT remain the leading stablecoins in 2025. USDC’s trading volume reached a record $219 billion in April 2025, more than doubling since January 2024, driven largely by a strategic partnership with Binance, which now accounts for over 57% of USDC’s global volume. USDC’s ma...
In 2025, USDC exhibits strong growth in trading volume and market share but continues to trail USDT as the leading stablecoin. USDC’s trading volume hit a record $219 billion in April 2025, more than doubling since January 2024, largely driven by a strategic partnership with Binance, which now accounts for over 57% of USDC’s global volume.
On Binance, USDC’s market share surged from 10% to nearly 20%, while USDT’s share declined from 75% to about 60%. This growth is fueled by access to Binance’s large user base and increasing demand for regulatory-compliant stablecoins, especially under Europe’s MiCA framework.
Since November 2024, USDC’s trading volume increased by 16%, contrasting with a 49% drop in USDT’s volume during the same period. Despite USDC’s momentum on centralized exchanges, USDT maintains dominance in market capitalization and off-exchange applications such as cross-border payments, boasting a $152 billion market cap compared to USDC’s $60 billion.
Tether, the company behind USDT, reported $13 billion in 2024 profits, significantly outperforming Circle’s $155 million, underlining USDT’s market strength. The stablecoin market remains fiercely competitive, with major financial institutions like PayPal, Fidelity, Ripple, BlackRock, and Meta entering the space, potentially reshaping the landscape.
USDC’s rise highlights a growing preference for regulatory-compliant stablecoins, yet Tether’s USDT continues to lead in scale and profitability. While USDC gains traction particularly on centralized exchanges, USDT’s entrenched role in broader crypto applications and its substantial market capitalization solidify its position as the dominant stablecoin.
As the stablecoin sector evolves with new entrants and shifting regulatory environments, the tussle between USDC and USDT will be a key trend to watch in 2025 and beyond.