Do you really understand USDT and USDC? Let's take a look at their stories together!
1. Background: Rough Heroes vs. Noble Descendants
USDT (Tether): "I was born to be a veteran in the crypto world!"
Emerging in 2014, claiming to be the 'shadow warrior of the dollar' under Tether. Early on, it was backed by the exchange brother Bitfinex, quickly capturing a large share of the stablecoin market thanks to the 'first come, first served' rules of the trade. Although often questioned about the 'cleanliness of its wallet,' it still remains the most handy tool for traders, thanks to its deep roots and numerous allies (covering major chains like Ethereum and Tron).
USDC (USD Coin): "My resume is gilded!"
Born in 2018 with a golden spoon, its parents are the financial elites Coinbase and Circle. Right from the start, it came with audit reports from accounting firms and U.S. regulatory licenses—these 'gold-plated credentials' even attracted traditional giants like Visa. Although it doesn't have the same seniority as USDT, it emphasizes being 'well-rooted and legitimate.'


2. Style of Operation: Street Smarts vs. Academic Approach
USDT: "Don't ask me where the money is, just trust me!"
Resembles a big brother wearing mink and gold chains. Although it frequently claims '1 dollar equals 1 Tether,' how much cash is actually in the wallet? What percentage is in treasury bonds? When pressed, it simply replies, 'business secret.' In 2018, it was revealed to have secretly used Bitcoin as reserves, nearly causing a mass exodus of its followers. Fortunately, its exchange allies are loyal, allowing it to navigate the gray areas with ease.
USDC: "My books are open to the sunlight!"
Exuding the elite vibe of Wall Street. It holds 'financial release meetings' on time every month, with third-party audit reports more detailed than graduation theses—83% cash, 17% treasury bonds, and even notes whether the custodian bank has FDIC insurance. However, having too many rules can also be troublesome: last year, when the U.S. sanctioned several addresses, it could only freeze assets in tears, criticized for being 'too obedient to the authorities.'


3. Network: All Walks of Life vs. High-End Circles
USDT: "I operate in both the light and dark, wherever there’s a trade, I’m there!"
Roaming in darknet markets, leveraged betting, Southeast Asian OTC markets, and even some undisclosed cross-border trades. Thanks to its 'non-discriminatory and low-threshold' approach, its market share once soared to 75%.
But it has always been under regulatory scrutiny, and recently faced challenges due to a rumor from Sun Yuchen, which almost caused a collapse for its follower FDUSD.
USDC: "My parties only send gilded invitations!"
Loves to have afternoon tea with DeFi scholars and multinational CEOs. MakerDAO uses it as collateral, Visa tests it for cross-border payments, and even traditional banks can't help but peek in. Although its venues are not as lively as USDT, its reputation for 'compliance and safety' has helped its market share grow from 4% to 17%.


4. Survival Philosophy: Pragmatism vs. Long-Termism
USDT: "Live in the moment! Who cares about tomorrow’s floods?"
With survival wisdom that’s 'fast and wild,' even after being fined $41 million by New York prosecutors, it still maintains a solid position in major venues like Binance and Huobi. However, its followers often mutter, 'Is the big brother's wallet really reliable?'
USDC: "I want to be a century-old brand!"
When Silicon Valley Bank faced turmoil in 2023, it briefly depegged to $0.97, but with transparent bookkeeping and quick public relations, it rebounded in three days. Now, it has even announced ambitions to bridge new chains like Solana and Polygon, aiming to become 'the digital dollar of the blockchain world.'


5. User Reviews: Love-Hate vs. Trusted Choice
Regarding USDT: "Although the big brother is rough, he truly comes through in critical moments!" Short-term traders love its availability, but when holding positions overnight, they can't help but check the news—worried that Tether might face another crisis.
Regarding USDC: "No need to check my phone while on a date with it, but the dowry is too expensive..." Institutional users appreciate its openness, but small retail investors complain about the high redemption threshold (minimum $100,000 to redeem), while DeFi farmers find its gas fees more expensive than USDT.
Conclusion: The world is vast, each has its own brilliance. These two 'dollar substitutes' are like ice and fire in the crypto world—USDT carries the wild imprint of the rough era, while USDC raises the banner of compliance. When newcomers like FDUSD attempt to stir the waters, they may temporarily set aside their biases; after all, in the realm of stablecoins, maintaining the dignity of '1 dollar' is the eternal survival rule.

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