$USDC is eating $USDT's lunch on Ethereum
$USDT still holds 49.6% of ETH stablecoin supply vs $USDC at 31.8% — but the gap shrank from 34.2 points in Nov 2024 to just 17.8 today
How it happened:
Total stablecoin supply on Ethereum is up 47% since Nov 2024
$USDT grew 22%
$USDC exploded 83%
$USDC added $21.3B — nearly half of all new stablecoin supply on ETH
The real alpha: most catch-up happened in 2025 when liquidity flooded in. In 2026 both declined, but $USDT dropped 15.5% while $USDC only fell 2.9%
Market is rotating into Circle's rail. Institutional money flows where compliance meets speed
$USDT still holds 49.6% of ETH stablecoin supply vs $USDC at 31.8% — but the gap shrank from 34.2 points in Nov 2024 to just 17.8 today
How it happened:
Total stablecoin supply on Ethereum is up 47% since Nov 2024
$USDT grew 22%
$USDC exploded 83%
$USDC added $21.3B — nearly half of all new stablecoin supply on ETH
The real alpha: most catch-up happened in 2025 when liquidity flooded in. In 2026 both declined, but $USDT dropped 15.5% while $USDC only fell 2.9%
Market is rotating into Circle's rail. Institutional money flows where compliance meets speed
