USDC, the second-largest stablecoin by market capitalization, has been losing market share against its main rival, Tether’s USDt, on the major payment platform BitPay in 2025.
After dominating data-ct-non-breakable=”null” href=”https://cointelegraph.com/learn/articles/stablecoins-101-what-are-crypto-stablecoins-and-how-do-they-work” title=”null”>stablecoin transactions on BitPay in 2024, Circle’s USDC ( data-ct-non-breakable=”null” href=”https://cointelegraph.com/usdc-price-index” title=”null”>USDC) saw its transaction share plummet against Tether’s USDt ( data-ct-non-breakable=”null” href=”http://usdt” rel=”noopener nofollow” target=”_blank” title=”null”>USDT), according to BitPay data shared with Cointelegraph.
In January 2024, USDC’s transaction share on BitPay accounted for 85%, compared with USDT’s 13%. By May 2025, USDC’s share had dropped to 56%, while USDT’s had increased…
