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Tether narrows USDC’s lead on BitPay payment transactions in 2025
USDC, the second-largest stablecoin by market capitalization, has been losing market share against its main rival, Tether’s USDt, on the major payment platform BitPay in 2025.
After dominating stablecoin transactions on BitPay in 2024, Circle’s USDC saw its transaction share plummet against Tether’s USDt (USDT), according to BitPay data shared with Cointelegraph.
In January 2024, USDC’s transaction share on BitPay accounted for 85%, compared with USDT’s 13%. By May 2025, USDC’s share had dropped to 56%, while USDT’s had increased to 43%.
The change in dynamics came despite the optimism around Circle’s public launch in early June as well as certain regulatory advantages over Tether’s USDT, particularly in the European Union under the Markets in Crypto-Assets Regulation (MiCA).
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