- Tether remains the top stablecoin, holding 61.5% of the $253 billion market.
- Circle increased its USDC issuance by 40.4% since January 2025, outpacing Tether‘s 13.6% growth.
- Search interest and media coverage for USDC have risen, while USDT‘s popularity has slipped in the same period.
- USDC trading volumes declined far less than USDT volumes in early 2025 at major exchanges.
- Circle‘s IPO boosted its valuation from $4.8 billion to $48 billion, driving more media attention.
Tether‘s stablecoin USDT has led the stablecoin market for nearly a decade, currently holding a market share of over 61% out of a total $253 billion market, according to market data. In 2024, Tether generated $13 billion in profit and processed more transactions than any other cryptocurrency asset.
However, recent data shows that Circle is making gains with its own stablecoin, USDC. Since January 2025, USDC‘s circulating supply has increased by 40.4%, rising from about 43.7 billion coins to more than 61.4 billion. In the same period, USDT‘s supply grew by 13.6%, from 137 billion to around 155.7 billion coins.
Search interest has also shifted. Worldwide Google searches for USDC have climbed 3% this year, while interest in USDT fell 25%. According to Google Trends, “USDC search queries increased from 64 to 66, and USDT dropped from 82 to 61”. In trading, USDC lost only 0.2% in fiat volume on exchanges like Bitstamp, decreasing from 197 million to approximately 197 million, while USDT‘s volume declined 26% from 851 million to 628 million.
Media coverage has amplified Circle‘s momentum. Since January 2025, the number of news articles mentioning USDC increased by 75%, from 24,169 to 42,455 based on MuckRack data. In comparison, USDT mentions grew by 42%. This growth follows Circle‘s initial public offering, which raised its company valuation from $4.8 billion to $48 billion, as reported by PM Insights and Yahoo Finance.
While Circle is expanding its share, Tether has also continued to grow in value. However, as a private company, Tether has not disclosed any new funding rounds or valuation updates since a $7 billion estimate reported before the last U.S. presidential election, according to the Wall Street Journal. This lack of updated data makes direct comparisons between the two firms’ corporate values difficult.
Despite current trends, Tether remains the leading issuer by both market cap and transaction volume, but Circle’s rapid growth in key areas has established it as a significant competitor in the stablecoin sector.
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