Circle is building a four-layer financial stack around its Arc blockchain, but Tether's USDT still commands nearly three times the market cap of USDC.
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Circle builds Arc stack to challenge Tether's $184B stablecoin dominance
Circle is building a four-layer financial stack around its Arc blockchain, but Tether's USDT still commands nearly three times the market cap of USDC.
Circle generated $653 million in reserve interest in the first quarter — 94 percent of its $694 million in total revenue — as it pushes into blockchain infrastructure to diversify beyond stablecoin issuance.
"Arc is designed as an economic operating system that settles transactions in under a second, with fees paid in USDC," Circle said in its first-quarter report. More than 100 firms joined the Arc testnet after its October 2025 launch, including Goldman Sachs, Mastercard and Visa.
The testnet processed roughly 15 million transactions in the week ending July 15. Circle raised $222 million in an ARC token presale at a $3 billion valuation, with BlackRock, a16z crypto and ARK Invest participating. The company also secured final OCC approval for a national trust bank charter.
The stack is Circle's escape plan from near-total dependence on reserve income. But Tether's USDT, with a market cap near $184 billion, still dwarfs USDC's $73 billion — a gap that has widened from $77 billion since the end of March.
Tether's Network Effects Prove Sticky
USDT turned over roughly $48 billion in the past day, four times USDC's total, DefiLlama data shows. Tron alone carries some $89 billion in dollar-pegged stablecoins — a single chain that outweighs USDC's entire supply.
History explains the loyalty. USDC fell to $0.88 in March 2023 after $3.3 billion of its reserves sat frozen at the collapsed Silicon Valley Bank. Traders remember. Tether also moves fast when Washington calls: it froze Iran-linked USDT worth $131 million within hours of new US sanctions this month.
Circle, meanwhile, faces a Wisconsin criminal complaint for refusing to recover a scam victim's funds without a court order.
One Strong Counter — and a Stock Market That Isn't Sold
USDC handled 63 percent of stablecoin transaction volume in the first quarter, per Visa Onchain Analytics figures in Circle's results. The metric suggests USDC is used more actively for payments and DeFi, even if USDT holds more idle supply.
Yet Circle shares have collapsed roughly 76 percent from their post-IPO peak. A split market may be forming: one where Circle wins the infrastructure race but Tether still owns the dollar.
The GENIUS Act, which sets compliance standards for stablecoin issuers, could reshape the competitive dynamics. USA₮ and USDC meet its requirements; USDT does not, according to regulatory analysis. If enforced, that regulatory gap could narrow Tether's lead — but only if Washington follows through.
This article is for informational purposes only and does not constitute investment advice.
[1] Circle Wants to Own Crypto's Financial Stack, but Tether Still Owns the Dollar[2] Circle Wants to Own Crypto’s Financial Stack, but Tether Still Owns the Dollar[3] Circle partners with Polymarket in exchange overhaul[4] Ethereum surpasses other networks as leading chain for Tether's USDT[5] Why USA₮ and USDC are GENIUS Act–compliant stablecoins — and USDT isn’t
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