New data reveals that Tether’s USDT continues to lead the global stablecoin market by a wide margin, accounting for approximately 80 percent of all stablecoin transaction volume. The chart, which tracks payments by token from early 2023 to early 2025, shows that USDT has maintained its dominant position despite occasional fluctuations in market dynamics.
Throughout the observed period, USDT consistently outperformed USDC in terms of transaction usage. While USDC briefly gained ground in early and mid-2023, it failed to sustain momentum. By 2024 and into 2025, USDT reestablished firm control over the market, with USDC representing a much smaller share, typically ranging between 15 to 20 percent of transaction volume.
This performance reflects USDT’s deep integration across both centralized and decentralized platforms. From global exchanges to cross-border settlements and DeFi protocols, USDT remains the preferred vehicle for liquidity, payment rails, and digital trade. Its wide adoption, especially in emerging markets and high-volume trading environments, reinforces its reputation as the default stablecoin for transactional use.
USDT’s resilience is also backed by Tether’s strategic reserve disclosures, including recent confirmation of over 100,000 BTC and more than 50 tons of gold held in treasury. This hybrid reserve model has helped solidify trust among users, particularly in regions where currency volatility and capital restrictions drive stablecoin demand.
As we enter mid-2025, the data suggests a maturing stablecoin market where utility and liquidity matter more than brand recognition alone. While USDC continues to be relevant for institutional and regulatory-aligned environments, USDT’s transactional dominance appears to be the result of a well-executed global strategy focused on accessibility, speed, and scale.
This trend invites further discussion: Will USDT’s dominance continue unchallenged, or will new entrants shift the balance in the years ahead? Share your thoughts, join the conversation, and follow our blog for continued insights into the evolving stablecoin ecosystem.
