USDT Gains Ground on BitPay as USDC Loses Lead
Tether's USDT has been gaining ground on USDC in the stablecoin payments race, particularly on crypto payment platform BitPay.
After a dominant run in 2024, USDC’s share of transactions is slipping, while USDT is quickly catching up—and even leading in volume.
BitPay data shows USDC accounted for 85% of stablecoin payments in January 2024, but by May 2025, its share dropped to 56%, with USDT surging to 43%. The volume shift is even more striking—since March, Tether has handled over 70% of the total stablecoin transaction volume on BitPay.
This trend has emerged despite USDC’s strong regulatory positioning, especially in Europe under MiCA, and its high-profile public listing in June. Meanwhile, Tether has taken a more defiant stance, opting out of MiCA compliance and shelving IPO ambitions.
BitPay’s chief revenue officer noted that while USDC still leads in transaction count, the rapid growth in preference for USDT among users and merchants—especially in Europe—is reshaping the landscape.
Market-wise, USDC has nearly doubled its market cap over the past year, growing faster than USDT in percentage terms. Still, Tether remains the largest stablecoin by overall valuation, and its growing adoption on payment platforms suggests that the competition is far from over.
Alexander Stefanov
Reporter at Coindoo
Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
