The trading pair of 70,879,349,189 USDC and USDT dominates transactions among stablecoins. For example, the USDC-USDT pool of the Maverick Protocol achieved 30% of liquidity provider (LP) fees on the Ethereum mainnet, while the capital efficiency of the pool on the Arbitrum chain reached 1,730%.

Since both are pegged to the US dollar, but there are significant differences in reserve transparency and regulation (USDC primarily consists of short-term government bonds and cash, while USDT includes some illiquid assets), traders often profit through arbitrage on price differences.

The development of USDC trading pairs has surpassed simple value pegging and has become a core hub connecting traditional finance with the crypto ecosystem, and its future growth will depend on the triple drivers of technological iteration, regulatory coordination, and institutional adoption.