Circle’s (CRCL) USDC Overtakes USDT in Onchain Activity as Regulation Drives Shift: JPMorgan

JPMorgan noted that Circle's USDC has overtaken Tether's USDT in onchain activity, driven by institutional and investor preference for stablecoins that meet emerging regulatory standards, such as Europe's MiCA framework. While USDT remains the largest stablecoin by market capitalization, USDC's market cap surged 72% this year compared to USDT's 32% rise, reflecting a shift toward greater transparency and compliance. USDC's on-chain velocity also increased, boosted by growth on Solana and Base, and integrations with payment giants like Visa, Mastercard, and Stripe. JPMorgan analysts suggest that USDC's regulated model is poised to set the global standard for future stablecoin development, despite USDT's continued dominance in emerging markets.

(Source：CoinDesk)