【Chain News】The stablecoin market is set to usher in new changes in 2025. As the US government’s attitude towards digital assets warms, the demand for regulated blockchain-based US dollars continues to grow. Recent data shows that Circle’s USDC has become the fastest-growing mainstream stablecoin — increasing by 73% over the past year, with a market cap reaching $75.12 billion, marking the second consecutive year surpassing competitors.
In comparison, Tether’s USDT, while still leading in size ($186.6 billion), has seen a noticeable slowdown in growth. It only grew by 36% in 2025, down from a 50% growth rate in 2024. The data comparison between the two is quite interesting: last year, USDC grew by 77%, while USDT grew by 50%; this year, USDC grew by 73%, and USDT by 36%.
What’s even more noteworthy is market concentration — USDC and USDT together account for the consumption of $312 billion in stablecoins globally.