USDC Surges Past Tether in Transfer Volume for the First Time
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For the first time in seven years, Circle’s USD Coin (USDC) has surpassed Tether’s USDT in transfer volume, signaling a pivotal change in the stablecoin landscape. This development illustrates a clear distinction in the leadership of stablecoins, dividing them into two categories: total supply and transactional efficiency.
Tether retains its position as the dominant force in the stablecoin market with a significant market cap, yet USDC has emerged as the preferred method for transferring capital within the cryptocurrency space. According to recent data, USDC now commands an impressive 64% of the total transfer volume between the two major stablecoins, translating to approximately $2.2 trillion in adjusted transaction volume, while Tether accounts for about $1.3 trillion.
This shift became particularly apparent in February, when overall stablecoin transfer activity reached $1.8 trillion for the month. USDC’s share of this total was estimated at $1.26 trillion, compared to USDT’s $514 billion. Such figures highlight a momentous change in the dynamics of stablecoin usage.
Despite USDC’s increased transactional velocity, Tether still boasts a commanding market capitalization of $184 billion, compared to USDC’s $79 billion. The current disparity between Tether’s substantial supply and USDC’s active transfer volume underscores a significant trend in the market, with researchers from Mizuho attributing this change to a marked increase in on-chain activity, which has grown over 90% year-on-year.
Circle’s USDC is particularly notable for its performance across various blockchain networks, with Solana emerging as a key player. In February, Solana recorded around $650 billion in stablecoin transactions, reflecting a remarkable increase in USDC’s transfer activity. The data indicates that USDC constituted over half of Solana’s stablecoin liquidity, showcasing its dominance on this blockchain.
The activity on Solana also reveals a striking pattern. The network processed $880 billion in USDC transfers within February, demonstrating a 300% year-on-year increase. This surge is remarkable given the relatively modest stablecoin base of $15.7 billion on Solana, indicating an extraordinary turnover of assets.
Transitioning from speculative trading in memecoins to stablecoin swaps, Solana has seen a shift in its decentralized exchange activities. Stablecoin-related transactions now dominate the network, accounting for nearly 70% of blockchain activity, reflecting a structural evolution in trading behavior.
Furthermore, recent regulatory adjustments have changed the operating environment for stablecoins, particularly affecting Tether. In 2025, the introduction of the GENIUS Act in the United States and the acquisition of a Markets in Crypto-Assets license by Circle in Europe have shifted market flows towards regulated entities like USDC, creating a compliance advantage over Tether.
Moreover, traditional finance has increasingly integrated with the cryptocurrency ecosystem. Visa has begun enabling direct settlements in USDC over the Solana network, further bolstering its utility within the financial infrastructure.
The current landscape highlights a shift in how success is measured in the stablecoin sector, illustrating that dominance is not solely based on supply but also on the ability to facilitate transactions effectively. This dual metric approach will likely define the future of stablecoins, as evident in the recent data trends favoring USDC.
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