Tether's USDT has surpassed USDC in transaction share on BitPay as of May 2025. Initially, USDC held a dominant 85% share in January 2024, but USDT's share rose to 43% by May 2025, while USDC's fell to 56%. This shift is attributed to increased stablecoin transactions and a growing preference for USDT among merchants and customers. Despite Circle's regulatory advantages under MiCA, USDT's transaction volume exceeded 70% by March 2025. Tether's CEO Paolo Ardoino confirmed there are no plans for an IPO, contrasting with Circle's public trading debut. Meanwhile, USDC's market cap surged 88% over the past year, compared to a 40% increase for USDT.