USDC Quietly Overtakes USDT Where It Matters Most

[etfs]

For the first time ever, Circle’s stablecoin USDC has surpassed USDT in annual transaction volume. In 2025, USDC processed $18.3 trillion in on-chain transfers, compared to USDT’s $13.2 trillion, according to data from Artemis Analytics. That’s a 39% lead — a major shift in how value actually moves across crypto rails.

What makes this especially notable is that USDT still dominates by market cap, with roughly $187 billion outstanding versus USDC’s $75 billion. But transaction volume tells a different story: while USDT is widely held, USDC is increasingly used. The data filters out exchange shuffling and MEV bots, meaning real payments, DeFi activity, and peer-to-peer transfers are driving USDC’s lead.

[96f402f86e]

this all reads bullish but also feels like the calm before people start fomoing again

[Revenant]

Rising usage without price euphoria = healthy phase

[Capybara_Capybara]

Stablecoins leading volume usually means capital positioning, not speculation

[The_Walking_Dead]

FOMO comes later, when risk assets start chasing that liquidity