USDT Surpasses USDC in New Holders Amid Stablecoin Market Slowdown

Tether's stablecoin USDT has seen significant growth over the past week, adding approximately 1.6 million new holders, nearly three times more than its closest competitor, USDC, which added around 591,100 new holders during the same period.

This growth is occurring despite a cooling of the broader stablecoin market from its May peak, with Tether's cumulative holder count crossing 650 million by the end of Q2 2026. The company's quarterly additions consistently top 30 million users, and its market cap sits at approximately $183 billion as of mid-August 2026.

Tether's financial position provides a buffer against potential crisis, with excess reserves of around $4.1 billion supporting the stablecoin. In contrast, USDC has led in on-chain transaction volume metrics due to its deep integration with DeFi protocols and reputation as the 'compliance-first' stablecoin.

Tether's growth is disproportionately concentrated in emerging markets, where users prioritize access to dollar-denominated liquidity over regulatory pedigree.