USDT Still Leads as USDC Appears to Gain Ground on Ethereum Amid Record $271B Stablecoin Market

  • Stablecoins total $271.1B — USDC leads on Ethereum, USDT on TRON.

  • USDC processes >$20B daily on a 7-day average; USDT posts record TRON transactions.

  • USD1 issued $23M after GENIUS Act rules; market share is small but rising.

Stablecoins surge to $271.1B, USDC leads on Ethereum, USDT rules TRON — read the market breakdown and key takeaways.

Stablecoin market snapshot: Who leads in 2025?

What are the current stablecoin leaders in 2025?

Stablecoins reached $271.1 billion in total value in 2025, with USDC now the dominant token on Ethereum and USDT leading on TRON. This split reflects network preferences, regulatory positioning, and exchange-driven retail activity.

How did USDC overtake USDT on Ethereum?

USDC’s rise on Ethereum stems from deep DeFi integration, regulated reserve disclosures, and broad protocol support. From 2018–2025, ERC20 stablecoin transfers totaled $39.7 trillion, and USDC now averages over $20 billion in daily transfers versus USDT’s $12–$15 billion range.


Frequently Asked Questions

How big is the stablecoin market in 2025?

Stablecoins totaled $271.1 billion in value at the time of reporting. Market size varies by chain, with Ethereum and TRON showing distinct leader tokens and activity patterns.

Which exchanges drive USDT activity on TRON?

Major retail-focused exchanges such as Binance, Bybit, and HTX account for most TRON USDT deposit surges, pushing transaction counts to multi-month highs.

Key Takeaways

  • Market scale: Stablecoins hit $271.1B — a new 2025 benchmark.
  • Network split: USDC leads on Ethereum; USDT dominates TRON due to retail deposit flows.
  • Regulatory impact: USD1’s issuance under U.S. rules signals a niche for regulated stablecoins.

USDC takes the lead

USDC’s growth on Ethereum is driven by DeFi integrations and regulatory transparency. ERC20 transfers from 2018–2025 reached $39.7 trillion, and USDC now processes roughly $20 billion per day on a 7-day average.

stablecoin

Source: DeFiLlama

TRON becomes USDT’s powerhouse

USDT’s activity has migrated off Ethereum toward TRON and BSC. TRC20 deposit counts have spiked, with over 1 million exchange deposits in seven days in recent tracking.

stablecoins
stablecoins

Source: CryptoQuant

Exchange-driven spikes — largely from Binance, Bybit and HTX — point to retail flows rather than institutional treasury movement. TRON’s lower fees and efficient transfers reinforce USDT’s TRC20 leadership.

Why USD1 matters under U.S. rules

USD1 recorded a $23 million mint on August 6, 2025 — the first issuance since the GENIUS Act took effect. Though small relative to USDT and USDC, USD1’s fully regulated structure could appeal to compliance-focused users and institutions.

Stablecoin

Source: CryptoQuant

Source: Cryptoquant

Conclusion

Stablecoins are diversifying in 2025: USDC dominates Ethereum on transfer volume and DeFi integration, while USDT leads on TRON driven by retail exchange flows. USD1 is an emerging regulated option. Monitor transfer volumes, exchange deposit counts, and regulated issuances to follow market shifts.

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