$USDC

USDC, with its compliance advantages (EU MiCA certification, state-level currency licenses in the US), firmly holds the position of the second largest stablecoin, with a market value of $60 billion, accounting for 26% of the market. Its issuer, Circle, is racing towards an IPO on the New York Stock Exchange (valuation of $5 billion), which is driving institutional adoption, with cross-border payment volumes expected to surge by 220% year-on-year in Q1 2025. However, USDT still dominates the market with a 66% market share, and the implementation of the US Stablecoin Regulation Act presents uncertainties. USDC must address the T+0 redemption run risk (with a peak value of $1.7 billion in a single day) and geopolitical regulatory friction.