USDC vs USDT dashboard

Is USDC actually closing the gap with USDT?

USDC is leading the recent 90-day net issuance race, while USDT still controls the larger absolute trading footprint today. USDT has the faster 90-day trading-activity growth, so the scorecards below show whether USDC's momentum is large enough to matter against USDT's scale lead.

Updated just now

Last completed daily snapshot: Sep 16, 2026

Sep 16, 2026, 1:53 PM UTC

Combined Market Cap

$256.9B

The current USDC + USDT size gap at a glance.

USDC Share of Pair

28.65%

How much of the two-coin market cap belongs to USDC.

Pair Trading Activity

$85.3B

Current 24h trading activity using the public proxy metric.

Current Scale Leader

USDT

USDT still has the larger 24h trading footprint.

90D issuance leader

USDC

USDC -$1.2B vs USDT -$3.1B in net new supply over the last 90 days.

90D activity growth leader

USDT

USDC -5% vs USDT -1.8% versus the previous 90-day window.

1Y supply expansion

USDT larger

USDC +$908.4M vs USDT +$12.8B over the last year.

USDC

Low

Market cap

$73.6B

28.65% of the pair

Latest issuance

-$767M

From the latest daily snapshot

Trading activity

$19.5B

Current 24h proxy volume

90D score

90D

Net issuance

-$1.2B

Supply growth

-1.5%

Trading activity

$1.7T

Activity growth

-5%

1Y score

Net issuance

+$908.4M

Supply growth

+1.2%

Trading activity

$7.3T

Activity growth

+40.4%

USDT

Tether

Low

Market cap

$183.3B

71.35% of the pair

Latest issuance

+$11.4M

From the latest daily snapshot

Trading activity

$65.8B

Current 24h proxy volume

90D score

90D

Net issuance

-$3.1B

Supply growth

-1.7%

Trading activity

$5.9T

Activity growth

-1.8%

1Y score

Net issuance

+$12.8B

Supply growth

+7.5%

Trading activity

$24.2T

Activity growth

+27.4%

90D scoreboard

90D

Compare net new supply, supply growth, and trading-activity growth in the same window.

Issuance leader

USDC

-$1.2B net new supply

Activity growth leader

USDT

-1.8% vs the previous 90D

Metric

USDC

USDT

Net new supply

Higher means more fresh supply was issued in the window.

-$1.2B

-$3.1B

Supply growth

-1.5%

-1.7%

Trading activity

Uses CoinGecko 24h trading volume as the public-data transaction proxy.

$1.7T

$5.9T

Activity growth

-5%

-1.8%

Avg daily activity

$19.4B

$66B

Issuance change vs previous window

+$3.3B

-$5.5B

1Y scoreboard

Compare net new supply, supply growth, and trading-activity growth in the same window.

Issuance leader

USDT

+$12.8B net new supply

Activity growth leader

USDC

+40.4% vs the previous 1Y

Metric

USDC

USDT

Net new supply

Higher means more fresh supply was issued in the window.

+$908.4M

+$12.8B

Supply growth

+1.2%

+7.5%

Trading activity

Uses CoinGecko 24h trading volume as the public-data transaction proxy.

$7.3T

$24.2T

Activity growth

+40.4%

+27.4%

Avg daily activity

$19.9B

$66.2B

Issuance change vs previous window

-$36.4B

-$39B

Methodology and honesty check

Circulating supply history comes from DefiLlama's keyless stablecoin API; daily issuance is the day-over-day change in that supply. Current price, market cap and 24h volume come from CoinGecko's keyless markets endpoint. Historical trading activity is reconstructed from the live 24h volume scaled by the supply trend as a public-data proxy, not on-chain transaction count.

Public data only