Tether USDT challenges Circle’s lead on BitPay payments in 2025

USDC transactions on BitPay accounted for almost double that of USDT in 2024, but the trend has shifted in favor of Tether this year.

USDC, the second-largest stablecoin by market capitalization, has been losing market share against its main rival, Tether’s USDt, on the major payment platform BitPay in 2025.

After dominating stablecoin transactions on BitPay in 2024, Circle’s USDC (USDC) saw its transaction share plummet against Tether’s USDt (USDT), according to BitPay data shared with Cointelegraph.

In January 2024, USDC’s transaction share on BitPay accounted for 85%, compared with USDT’s 13%. By May 2025, USDC’s share had dropped to 56%, while USDT’s had increased to 43%.

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