USDT relies on liquidity to make a living, while USDC takes the compliance route—together, they’ve split the stablecoin track into two pieces of cake.

According to a Forbes article, stablecoin competition is shifting from simply comparing issuance size to focusing on compliance, transparency, and transaction traffic. The article notes that Tether’s USDT remains the stablecoin with the largest supply and continues to hold a liquidity advantage in global trading, retail crypto activities, and remittance scenarios. Circle’s USDC, meanwhile, is seeing increased use in large-value settlements, institutional transfers, and regulated financial activities. The article believes that as stablecoins move more deeply into payment and capital markets, reserve quality, redemption capability, disclosure requirements, and regulatory compliance will become the key factors determining a stablecoin’s leadership position.