Looking at USDT and USDC’s market capitalization today, you may be fooled into thinking they are unchallengeable. With Tether and Circle controlling over 80% of global stablecoin value by market cap as of October 2025, most other crypto-native challengers have yet to put up a convincing fight, despite the fact many offer compelling value propositions for both users and distribution platforms. To date, a crypto-centric market, lack of regulatory clarity, first-mover advantages, and strong integrations with on- and off-ramps have enabled huge value creation for Tether and Circle.

Stablecoin Summer (a term to describe the boom in demand, regulatory clarity, and market participants in recent months) has started to expose some very real challenges for what many consider the de facto stablecoin

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