A quiet shift is underway in the stablecoin hierarchy. While Tether’s USDT still dominates the digital dollar market, the gap between the two largest...

A quiet shift is underway in the stablecoin hierarchy. While Tether’s USDT still dominates the digital dollar market, the gap between the two largest issuers is narrowing as USDC steadily expands its footprint and Tether’s growth shows signs of softening.Additionally, USDC is gaining ground in the places where the next wave of crypto money is likely to show up most clearly: regulated payments, institutional settlement, and high-velocity on-chain transfers.Tether’s USDT still holds the largest stock of digital dollars in circulation, but the contest is shifting from a simple market-cap race to a fight over which issuer controls the rails that move new capital through crypto.That split is now visible in both the long-term structure and...

A quiet shift is underway in the stablecoin hierarchy. While Tether’s USDT still dominates the digital dollar market, the gap between the two largest issuers is narrowing as USDC steadily expands its footprint and Tether’s growth shows signs of softening.Additionally, USDC is gaining ground in the places where the next wave of crypto money is likely to show up most clearly: regulated payments, institutional settlement, and high-velocity on-chain transfers.Tether’s USDT still holds the largest stock of digital dollars in circulation, but the contest is shifting from a simple market-cap race to a fight over which issuer controls the rails that move new capital through crypto.That split is now visible in both the long-term structure and...