USDT Gains Ground on USDC in BitPay Transactions During 2025

BitPay data shows USDT closing the gap with USDC in payment transactions during 2025. Internal company data covering January 2024 through May 2025 reveals USDC's share of payment counts dropped from 85% to 56%, while USDT climbed from 13% to 43%.

The shift appears more pronounced in payment volumes. Starting in March 2025, USDT exceeded 70% of the total stablecoin volume processed by BitPay, reversing the 2024 trend in which USDC led volume metrics.

BitPay Chief Revenue Officer Bill Zielke said the USDC transaction count was almost double that of USDT in 2024. He noted that USDC remains the most popular token by count but declined in 2025. The company attributed the change to overall growth in transactions and merchant preference shifting toward USDT.

BitPay, one of the world's leading cryptocurrency payment processors, serves merchants and customers globally. With particular strength in European markets, the company focuses on expanding its U.S. presence, according to Zielke.

Market capitalization data from CoinGecko shows contrasting trends. USDC's market cap grew 88% over the past year, rising from $33 billion to $61.7 billion. USDT's market capitalization increased by 40% from $112.5 billion to $158.3 billion. Year-to-date figures show USDC up 41% and USDT up 15.5%.

Circle obtained regulatory approval under the EU's Markets in Crypto-Assets Regulation in July 2024, making USDC the first globally compliant option for European merchants. The company completed its public listing on June 5, 2025, raising $1.05 billion in an upsized offering. Tether, by contrast, has criticized MiCA and stated it will not pursue compliance with the framework. CEO Paolo Ardoino also confirmed the stablecoin issuer has no plans for a public offering.

Both companies continue operating under different regulatory strategies. Circle pursued traditional compliance paths, including public markets and regulatory approval. Tether maintains its existing operational model without seeking additional regulatory frameworks or public market access.