Report: Tether Continues to Dominate Stablecoin Market, USDC Grows Rapidly

According to a report by Jinse, based on research from Web3 company Nansen, despite increasing competition, Tether's USDT continues to hold a dominant position in the stablecoin market. As of April 25, 2025, Tether's market share is approximately 66%, far surpassing USDC's 28%. Although USDC has grown rapidly since November last year, particularly after Trump's election when the U.S. regulatory environment became more favorable for cryptocurrencies, Tether still maintains its market leadership.

Nansen stated that although USDC is growing faster, Tether retains its advantage due to its large user base and transaction volume in on-chain activities. Tether is also the most profitable stablecoin issuer, with profits nearing $14 billion in 2024. Despite increasing market competition, including the entry of traditional financial institutions such as PayPal and Ripple, Tether's dominance appears difficult to challenge.