#BigTechStablecoin USDC is the seventh largest cryptocurrency in the market and the second largest stablecoin after Tether's USDt, with a much larger market capitalization of USD 153.9 billion.

Although it operates a significantly larger stablecoin than Circle's USDC, Tether, based in El Salvador, does not plan to launch an initial public offering (IPO) in the near future, according to its CEO, Paolo Ardoino.

Other public companies operate and issue stablecoins, such as PayPal, which launched its stablecoin PayPal USD (PYUSD) in 2023. PYUSD is a significantly smaller stablecoin, with a market capitalization of less than USD 1 billion, according to CoinGecko.