USDC vs USDT: USD Coin vs Tether USD — 2026 Comparison
This page compares USD Coin (USDC) and Tether USD (USDT) using the DeFi Intel research dataset. USD-pegged stablecoin issued by Circle, fully backed by cash and short-duration US Treasuries. Regulated and attested monthly by an accounting firm. Largest USD-pegged stablecoin by market cap, issued by Tether. Backed by a reserve of cash, T-bills, and other assets. Deployed on multiple chains. As of the last data review, USDC ranks #5 by approximate market capitalisation (≈$55B) and USDT ranks #3 (≈$145B).
Side-by-side comparison
| Feature | USD Coin (USDC) | Tether USD (USDT) |
|---|---|---|
| Market-cap rank | #5 | #3 |
| Approx market cap (USD) | $55B | $145B |
| Category | Stablecoin | Stablecoin |
| Chain(s) | Ethereum, Solana, Base, Arbitrum, Polygon, Avalanche | Tron, Ethereum, Solana, Avalanche, TON, BSC |
| Token standard | ERC-20 | ERC-20 |
| Launched | September 2018 | October 2014 |
| Issuer | Circle | Tether |
| Issuer type | Centralized issuer | Centralized issuer |
| Peg | USD | USD |
| Mechanism | fiat-reserve | fiat-reserve |
| Total supply | 55,000,000,000 | 145,000,000,000 |
| Circulating supply | 55,000,000,000 | 145,000,000,000 |
| Max supply | uncapped | uncapped |
USD Coin (USDC) in brief
- USD-pegged stablecoin issued by Circle, fully backed by cash and short-duration US Treasuries. Regulated and attested monthly by an accounting firm.
- Launched September 2018.
- ERC-20 token; trades on Ethereum, Solana, Base, Arbitrum, Polygon, Avalanche.
- No fixed max supply (uncapped).
- Issuer: Circle.
- Pegged to USD via a fiat-reserve mechanism.
Full profile: USD Coin (USDC) token page.
Tether USD (USDT) in brief
- Largest USD-pegged stablecoin by market cap, issued by Tether. Backed by a reserve of cash, T-bills, and other assets. Deployed on multiple chains.
- Launched October 2014.
- ERC-20 token; trades on Tron, Ethereum, Solana, Avalanche, TON, BSC.
- No fixed max supply (uncapped).
- Issuer: Tether.
- Pegged to USD via a fiat-reserve mechanism.
Full profile: Tether USD (USDT) token page.
Key differences (data view)
- USDT is the larger asset by market capitalisation: rank #3 (≈$145B) versus rank #5 (≈$55B) for USDC.
- USDT is the older asset — launched in 2014, 4 years before USDC (2018).
- They live on different chains — USDC: Ethereum, Solana, Base, Arbitrum, Polygon, Avalanche; USDT: Tron, Ethereum, Solana, Avalanche, TON, BSC.
- Both are classified as Stablecoin assets in the DeFi Intel dataset.
Frequently asked questions
Which is bigger, USDC or USDT?
Tether USD (USDT) is larger by market capitalisation: approximately $145B (rank #3) versus $55B (rank #5) for USDC, as of the last DeFi Intel data review.
When did USD Coin and Tether USD launch?
USD Coin launched in September 2018; Tether USD launched in October 2014.
Are USDC and USDT on the same chain?
No. USDC is on Ethereum, Solana, Base, Arbitrum, Polygon, Avalanche, while USDT is on Tron, Ethereum, Solana, Avalanche, TON, BSC.
Are USDC and USDT both stablecoins?
Yes. USD Coin is pegged to USD (fiat-reserve) and Tether USD is pegged to USD (fiat-reserve). USDC is issued by Circle; USDT by Tether.
Related comparisons
Methodology & sources
Every figure on this page is drawn from the DeFi Intel token research dataset — the same data that powers the USDC and USDT token profiles. Market capitalisations and supply figures are approximate snapshots from the last dataset review, not live quotes. DeFi Intel publishes editorial research, not financial advice.