The stablecoin market has reached roughly $300 billion, with Tether far ahead of Circle's USDC. Circle plans to expand into around 40 emerging and developing markets, while supply has slipped during October.
DefiLlama data shows total stablecoin market capitalization at approximately $300.1 billion as of October 26. Demand for dollar-backed digital assets continues to expand beyond crypto trading.
Circle CEO Jeremy Allaire told Reuters the company plans to expand into around 40 emerging and developing markets. The expansion could increase USDC's international reach.
Tether holds the lead over USDC
USDT accounts for roughly $182.3 billion, about 60.7% of the total stablecoin market. USDC ranks second with approximately $71.7 billion.
That gives Tether more than twice the circulating supply of its closest competitor. USDT's advantage is particularly strong in crypto trading and emerging markets, where it is widely used as a dollar substitute, while USDC has traditionally focused more heavily on regulated institutions, fintech companies and US-based platforms.
Supply slips during October
However, the market remains close to record size even as supply has declined slightly this month. DefiLlama shows total market capitalization down roughly 0.9% over the past 30 days.
USDC has fallen by close to 5% over the same period, while USDT has declined less than 1%. The decline suggests some capital has moved out of stablecoins during recent market volatility.
Circle's push could sharpen competition
Stablecoins are increasingly used for international payments, remittances, corporate settlement and merchant payments. Their biggest advantage is speed, since blockchain-based dollars can move globally without depending on traditional banking hours.
If Circle successfully expands into dozens of new markets, the gap with Tether could begin to narrow. The competition will likely centre on distribution, regulation and liquidity.
Source: Crypto Daily
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