USDT and USDC together accounted for about 83.6% of stablecoin market capitalization in an October 2, 2025 snapshot, down from a reported 91.6% peak in March 2024, according to Cointelegraph’s report carried by TradingView.
The report cited DefiLlama and CoinGecko data and discussed investor Nic Carter’s view that competition from new issuers and banks would reduce the two firms’ dominance further.
Related reporting: USDT and USDC Lead $46B Stablecoin Inflows in Q3 as Demand Surges
Eight percentage points, across the stated period
The difference between 91.6% and 83.6% is eight percentage points. That March 2024-to-October 2025 comparison should not be described as a one-year change.
Market share is a ratio. An issuer’s supply can increase while its share falls if competitors expand faster. A smaller share therefore does not, by itself, establish net redemptions or customer losses.
Competing products have different economics
A list of dollar-linked tokens is not a list of equivalent investments. Reserve assets, redemption access and any conditions for receiving rewards need to be checked individually. Holding a token does not automatically entitle its owner to income.
Our stablecoin guide explains the questions behind a dollar peg.
Editor’s note: The comparison period and percentage-point calculation are clarified. The text no longer treats all listed tokens as yield-bearing products or presents a forecast as an established end to dominance.