The USDC, the second largest stablecoin by market capitalization, is losing its market sharing against its main rival, Tether’s USDT, on the BitPay’s main payment platform in 2025.
After dominating Stablecoin Transactions to BitPay in 2024, USDC of Circle (USDC) Saw the sharing of the transaction in its transaction against Tether’s USDT (USDT), according to BitPay data shared with cointelegraph.
In January 2024, the USDC transaction shared at BitPay worth 85%, compared to 13%of USDT. In May 2025, part of the USDC dropped to 56%, while the USDT rose to 43%.
Dynamic change comes beyond the optimization around Public Launch of Circle In early June as well as the specific Advantages to Tether’s USDT regulationespecially in the European Union under the Crypto-Assets regulation markets (MICA).
Tether’s USDT top stablecoin by volume in bitpay
In addition to the interval attachment with its main competitor by the number of transactions, Tether’s USDT Stablecoin has also led the way to the amount of payment.
“In 2024, the USDC was the token commonly used. However, beginning in March of 2025, the USDT has gained a large portion of the transaction volume, which exceeds 70% of the volume of stablecoin processed by BitPay,” said the crypto payment company.
According to Bitpay, the transfer to UDST can be attributed to “both a growing up to general Stablecoin transactions” as well as a “swing to existing traders and customers who prefer USDT to the USDC.”
BitPay’s Bill Zielke’s income official, said the platform had a “massive base of European users and merchants,” but remains focused on growing up in the United States.
“In 2024, the number of USDC transactions was nearly double the USDT,” Zielke said, adding that the USDC is still the most popular stablecoin to BitPay by transactions, even though it collapsed in 2025.
Tether rejected both Mica and a public launch
Tether’s leading position in payment volumes and increasing dominance in the BitPay transaction number against the USDC has offered an interesting perspective, which has been given a lot of differences between tether and circle, including their regulatory techniques.
While the Circle became the first global stablecoin provider to receive approved regulation under the Mika of Europe In July 2024 Tether had Repeatedly criticized some aspects of mica regulationclearly refused to adhere to the plot in Europe.
In June, Tether CEO Paolo Ardoino also confirmed Tether has no intention of running an initial offer to the public Despite the circle of the circle in public trading on June 5 after raising $ 1.05 billion To an upsized offer.
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Despite the loss of USDC vapor against the USDT in BitPay in 2025, the USDC has continued to detect well -known growth in market capitalization last year.
According to data from coingecko, USDC has seen its market cap Surge Up to 88% in the past year from around $ 33 billion to current $ 61.7 billion. Meanwhile, USDT increased Its market value by 40% at the same time, from $ 112.5 billion to $ 158.3 billion.
In addition, the USDC market cap advanced 41% year-to-date, while the USDT market value reached only 15.5%.
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