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This chart already provides the conclusion:
$USDC Only 42% of the supply accounts for 64% of on-chain transaction volume
→ Capital flow efficiency = 4 times that of USDT
The stablecoin competition has changed:
It's not about who issues more, but who is "systematically used"
Institutional payments, mainstream networks, compliant DeFi are anchoring traffic to USDC
$USDT Still winning in "stock" but USDC has already taken the "control"
This is not substitution, but a fork. The stablecoin market is rewriting its structure. #Gate广场四月发帖挑战