Circle vs Tether vs Wall Street: Inside the Stablecoin Race for Digital Dollars

Stablecoins – digital tokens pegged to fiat currency – have quietly moved from a crypto niche to the forefront of finance. In 2024, the total value of stablecoin transactions reached $27.6 trillion, officially exceeding Visa’s annual payment volume and even edging out Mastercard. By early 2025 the stablecoin market swelled to around $232 billion in circulation – 45× larger than in 2019 – with two players, Tether’s USDT and Circle’s USDC, commanding roughly 86% of that market. This surge has attracted mainstream interest from fintech giants and Wall Street banks, setting the stage for an intense race to shape the future of digital dollars.

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