Stablecoin War: USDT vs USDC
Tether (USDT) has a market cap exceeding $90 billion, but its reserve transparency remains controversial. Circle (USDC) leverages its regulatory advantages in the U.S. to expand its corporate clientele, but the 2023 Silicon Valley Bank crisis exposed the risks of fiat custody. Emerging stablecoins DAI and FDUSD are competing for the market through algorithms and diversified reserves, with future competition likely centered around cross-border payments and on-chain interest rates.