#NFPWatch USDT from Tether challenges Circle's leadership in payments with BitPay in 2025.✨✨✨✨✨✨✨
$USDC 💥💥
Transactions with USDC on BitPay represented nearly double those of USDT in 2024, but the trend has shifted in favor of Tether this year.
USDC, the second-largest stablecoin by market capitalization, has been losing market share to its main competitor, Tether's USDt stablecoin, on the important payment platform BitPay in 2025.
After dominating stablecoin transactions on BitPay in 2024, USDC
USDC 0.8478 € from Circle 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 was 85%, compared to 13% for USDT. By May 2025, USDC's share had fallen to 56%, while USDT's share had risen to 43%.
The change in dynamics occurred despite the optimism surrounding Circle's IPO in early June, as well as certain regulatory advantages over Tether's USDT, especially in the European Union under the Market in Crypto-assets Regulation (MiCA).