USDC, the second largest Stablecoin according to market capitalization, loses market share in relation to its main rival, Tether’s USDT, on the main Bitpay payment platform in 2025.
After the dominance of Stablecoin transactions at Bitpay in 2024, USDC Circle (USDC) observed that his transaction fell from USDT Tether (USDT), according to Bitpay data made available by Cointelegraph.
In January 2024, the share of USDC transactions in Bitpay accounted for 85%, compared to 13%USDT. Until May 2025, USDC’s share dropped to 56%, while USDT increased to 43%.
The change of dynamics occurred despite the optimism around the public launch of Circle at the beginning of June, as well as certain regulatory advantages in relation to USDT Tether, especially in the European Union as part of the cryptocurrency regulation markets (MICA).
Tether Topt Top Stablecoin in Tomus on Bitpay
In addition to the stenosis of the gap with the main competitor according to the number of transactions, Tether USDT Stablecoin also managed the payment volume.
“In 2024, USDC was the most commonly used token. However, from March 2025, USDT gained a significant part of the transaction volume, exceeding 70% of Stablecoin volume processed by Bitpay,” said the Kryptoconuts Payment Company.
According to Bitpay, the transition to UDST can be assigned “both the increase in general Stablecoin transactions” and “swings of existing buyers and customers preferring USDT above USDC.”
Bill Zielke, director of Bitpay revenues, said that the platform has a “significant base of users and merchants in Europe”, but focuses on development in the United States.
“In 2024, the number of USDC transactions was almost twice as much as in USDT,” he noted Zielke, adding that USDC is still the most popular Stablecoin on Bitpay by the number of transactions, although it fell in 2025.
Tether rejects both Mika and public launch
The leading position of Tether in payments and growing dominance in transactions counts on Bitpay against USDC, offers engaging insight, taking into account many differences between tether and the district, including their approach to regulation.
While Circle became the first global issuer of Stablecoin, who received regulatory approval within Europe in July 2024, Tether has repeatedly criticized some aspects of Mika regulation, clearly refusing to comply with frames in Europe.
In June, Paolo Ardoino, CEO of Tether, also confirmed that Tether is not going to run the first public offer despite the debut within public trade on June 5 after collecting $ 1.05 billion in the completed offer.
Related: The judge allows Celsius to 4 billion Bitcoin.
Despite the loss of USDC against USDT in Bitpay in 2025, USDC still notes a significant enhance in market capitalization over the past year.
According to Coingecko data, USDC saw its market capital growth As much as 88% last year from around $ 33 billion to current $ 61.7 billion. In the meantime, USDT increased Its market value by 40% in the same period, from USD 112.5 billion to USD 158.3 billion.
In addition, USDC market capitalization increased by 41% to a year, and the market value of USDT increased only 15.5%.
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