Tether vs USD Coin — side-by-side comparison of supply, chains, backing, and peg data.
| Metric | USDT | USDC |
|---|---|---|
| USD circulation value | $183.92B | $73.47B |
| Rank (by USD value) | #1 | #2 |
| Peg | USD | USD |
| Mechanism | fiat-backed | fiat-backed |
| Backing | Cash & T-bills | Cash & T-bills |
| Chains deployed | 130 | 154 |
| Primary chain | Tron | Ethereum |
| Issuer | Tether | USD Coin |
| CoinGecko | View → | View → |
Both USDT and USDC track USD, but they differ in backing and issuer. USDT is backed by cash & t-bills while USDC is backed by cash & t-bills. As of today, USDT ranks #1 and USDC ranks #2 among tracked stablecoins.
USDT is larger, with $183.92B in circulation vs $73.47B for USDC. That's roughly 2.5× the size.
Neither USDT nor USDC is inherently "safer" — safety depends on the specific backing composition, issuer transparency, redemption rights, and regulatory oversight. USDT uses fiat-backed backing model; USDC uses fiat-backed. Users should read each issuer's most recent reserve attestation before choosing.
Yes. USDT and USDC both trade on major centralized and decentralized exchanges. Since both track USD, the exchange rate is typically very close to 1:1. Direct swap protocols on Ethereum, Solana, and other chains offer the tightest spreads.
The right choice depends on your use case. Consider: which chain do you need? USDT is available on 130 chains and USDC on 154. What backing do you prefer? What's your integration surface (exchanges, DeFi protocols, payment providers)? Both have deep liquidity, so market cap alone shouldn't decide it.