JPMorgan: USDC Growth Outpaces USDT, Driven by Regulation and Institutional Demand

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JPMorgan analysts report that Circle’s USDC stablecoin is expanding its onchain activity and market capitalization at a faster rate than Tether’s USDT.

This divergence is attributed to clearer regulatory frameworks and increasing institutional adoption.

According to a Wednesday report from analysts led by managing director Nikolaos Panigirtzoglou, USDC’s market cap has surged 72% since January, climbing from $43 billion to around $74 billion.

This growth significantly outpaces the 32% expansion seen by USDT over the same period. The analysts link this trend to a broader market shift toward stablecoins that emphasize transparency, compliance, and regulatory assurance.