USDT vs USDC: Ko te Stablecoin Me Whakamahia?
E rua kua herea ki te $1, engari he rerekē ngā whakaaro i hangaia ai. Whakatauritea a Tether rāua ko Circle mō ngā rahui, te mārama, te whakaritenga me te tautoko DeFi, ā, kimihia ko tēhea stablecoin e tika ana mō ō hiahia.
I tēnei Ārahi
Whakaahuatanga USDT ki USDC
USDT (Tether) and USDC (USD Coin) are by far the two largest stablecoins by circulating supply (DefiLlama, September 2026). Both are pegged 1:1 to the U.S. dollar: each token is designed to be worth $1. Behind that identical price target sit two very different companies, reserve strategies and philosophies.
USDT, i tukuna e Tether Limited, i tūāhua te ariā o te moni pūmau i te tau 2014, ā, kua tipu hei tūranga hokohoko rangatira i ngā whakawhiti pūtea ā-rohe puta noa i te ao. USDC, i whakarewa i te tau 2018 e Circle i te mahi tahi me Coinbase, i whiriwhiri i tētahi ara rerekē: whakatutukitanga pūnaha whakahaere katoa, whakamārama mārama o ngā pūtea tiaki, me te arotahi ki te whakawhirinaki a ngā whakahaere.
Choosing between them is not just a matter of preference. It affects your regulatory exposure, how well you can verify the reserves, which DeFi (decentralized finance) protocols you can use, and the risk to your capital. This guide breaks down every meaningful difference so you can decide with clear information.
Tōpū ki te $1 i te rua
Ka mau tonu a USDT me USDC i te tōpū 1:1 ki te tāra US mā ngā pūtea moni me ngā ōrite moni i pupuri ana e ō rātou kaiwhakawhiwhi.
Ngā kaiwhakawhiwhi rerekē
Ka tukuna e Tether Limited (BVI) te USDT. Ka tukuna e Circle Internet Financial (U.S.) te USDC. He rōpū whakahaere rerekē, he paerewa rerekē.
Ngā ariā rerekē
Ka aro nui te USDT ki te waiwai me te toro ā-ao. Ka aro nui te USDC ki te hāngai ki ngā ture me te mārama o ngā pūtea.
He aha te USDT (Tether)?
Ko USDT, e mōhiotia ana i te ingoa Tether, te moni pūmau tuatahi me te nui rawa o te ao. I whakarewaia i te tau 2014 e Tether Limited (he kamupene kua rēhitatia i ngā Moutere Virgin o Ingarangi, ā, e piri tata ana ki te hokohoko Bitfinex), i hangaia a USDT hei whakakotahi i te wāhi i waenganui i te moni fiat me te pūnaha crypto. Ka āhei ngā kaihokohoko ki te pupuri i tētahi taonga rite ki te tāra i runga i te aho me te kore e hiahia ki tētahi pūkete pēke tuku.
As of September 2026, USDT has a circulating supply of about $184 billion, per DefiLlama, which makes it the largest stablecoin by a wide margin. It is also the most traded stablecoin and the default quote currency on most exchanges. Market data moves daily: check the live figures on DefiLlama or CoinGecko.
USDT is deployed across more blockchains than any other stablecoin, including Ethereum (as an ERC-20 token), Tron (TRC-20, where the majority of USDT circulates), Solana, Avalanche, Polygon, Arbitrum, Optimism, BNB Chain, TON, and several others. This multi-chain presence makes USDT the default trading pair on most centralized exchanges globally.
He raruraru roa tonu a Tether mo ana rahui. I te Oketopa 2021, i whakahau te CFTC ki a Tether kia utu i te whiu $41 miriona mo te pohehe i te whakaputanga o te whakamau o ana rahui. I te timatanga o taua tau, i whakatau te Roia Matua o Niu Ioka i te whakataunga $18.5 miriona me Tether me Bitfinex mo aua take ano. Kua whakapai ake a Tether i ana whakapuakitanga mai i tera wa. Ko ana whakaaetanga ia toru marama e whakaatu ana ko te nuinga o nga rahui kei roto i nga pire a te Treasury o Amerika me etahi atu taurite moni; kei te wharangi whakamarama o Tether te wehenga o naianei.
Ngā Kaha o USDT
- Te rahi mākete teitei rawa me te waiwai hohonu o tētahi moni pūmau
- Te tātauira hokohoko rangatira i runga i te nuinga o ngā whakawhiti pūtea pūmau
- E wātea ana i runga i ngā poraka maha, tae atu ki a Tron, he iti rawa ngā utu whakawhiti
- Te hītori roa: i te whakahaere mai i te tau 2014
- Very high daily trading volume, which keeps spreads tight
Ngā Arohaehae o USDT
- Kaituhi i te BVI; kāore i raro i ngā ture pēke o te US
- Ngā utu whakatūpato a te kāwanatanga (CFTC, NYAG) mō te hē whakakite pūtea
- Ngā whakaaturanga ā-kuata (ehara i te arotake katoa) nā BDO
- He hononga tata ki Bitfinex e whakakui ana i ngā pātai whakahaere
- Ngā taipitopito tahua he iti ake i ngā pūrongo marama o USDC's
He aha te USDC (Circle)?
USDC (USD Coin) is a fully reserved stablecoin issued by Circle Internet Group, a U.S. fintech company listed on the New York Stock Exchange since June 2025. USDC launched in September 2018 through the Centre Consortium, a joint venture between Circle and Coinbase. Since 2023, Circle alone has issued and managed USDC.
As of September 2026, USDC has a circulating supply of about $74 billion, per DefiLlama, making it the second-largest stablecoin. Its trading volume is well below USDT's. Still, USDC has become the preferred stablecoin for DeFi protocols, institutional investors and regulated financial applications.
Ko te mea e motuhake ai a USDC ko tana aro ki te mārama me te whakaritenga. Ka whakaputaina e Circle ngā pūrongo rāhui ā-marama me te taunakitanga a Deloitte, tētahi o ngā kamupene kaute nui e whā. Ka whakaatu ēnei pūrongo i ngā rāhui USDC e puritia ana i roto i te moni i ngā pēke kua whakaritea (tae atu ki BNY Mellon) me ngā pukapuka haumi a te Kāwanatanga o Amerika mō te wā poto mā te Circle Reserve Fund, e whakahaerehia ana e BlackRock. Kāore he pepa arumoni, kāore he here kamupene, kāore hoki he rawa tauhou.
Kei te wātea a USDC i runga i Ethereum, Solana, Base, Arbitrum, Optimism, Polygon, Avalanche, Stellar me ētahi atu mekameka. Kei te whakahaere hoki a Circle i te Cross-Chain Transfer Protocol (CCTP), e tahu ana i te USDC i runga i tētahi mekameka, ā, e hanga ana i tētahi atu. Ka nekehia e tēnei te USDC taketake i waenga i ngā mekameka e tautokohia ana me te kore he piriti tuatoru.
Ngā Kaha o USDC
- Ngā whakamana pūtea ā-marama nā Deloitte (kaiārahi nui e whā)
- Reserves held in cash and short-term U.S. Treasuries
- Ko te kaiwhakawhiwhi he kamupene US kua whakahaeretia, e hokona i te mārketi
- Stablecoin pai i roto i te DeFi (Aave, Compound, Morpho, Sky)
- Te whakawhiti ara-aho taketake mā CCTP (kāore he mōrearea rōpū tuatoru)
- Issued under the EU MiCA framework for European markets
Ngā āwangawanga mō USDC
- He iti ake te rahi o te mākete me te iti ake te rahi hokohoko i USDT
- March 2023 depeg to about $0.87 during the SVB failure (recovered in days)
- He iti ake te mana i ngā taurewa pūkete pūmau kāore i te US
- He iti ake ngā aho tautokona i USDT (kāore i te Tron)
- Ka taea e Circle te whakakiri wāhitau (āhuatanga whaiārahi ture)
Ngā rerekētanga matua i waenganui i USDT me USDC
I te wā e whai ana ngā moni pūmau e rua i te tāra, ka tino nui ō rātou rerekētanga ina tirohia te āhua o muri. Anei ngā āhuatanga rima e tino whai tikanga ana.
Ngā pūtea & Mārama
This is the most important difference. Circle publishes monthly reserve reports for USDC, examined by Deloitte, that detail the composition of the reserves: cash at named banks and U.S. Treasuries managed by BlackRock. The reports are public on the Circle transparency page.
Tether publishes quarterly attestation reports (not full audits) through BDO. Tether has improved its disclosures since 2022 and now holds most reserves in U.S. Treasury bills. But the reports are less frequent, less granular and not produced by a Big Four firm. Tether has said it is working toward a full audit; its transparency page shows the latest reports.
Ture & Whakapūmau
Ka whakaputaina te USDC e Circle, he kamupene kua rēhitatia hei Pakihi Ratonga Moni ki te FinCEN, kua raihanatia ki ngā whenua maha o Amerika, ā, kua whakamanatia ki te whakaputa USDC i te EU i raro i te MiCA (Ture (EU) 2023/1114). I whakarārangitia a Circle ki te New York Stock Exchange i te Pipiri 2025, e herea ai ia ki ngā pūrongo a te SEC me ngā whakapuakitanga pūtea tūmatanui.
USDT is issued by Tether Limited, incorporated in the British Virgin Islands. While Tether operates globally and has obtained some regional licenses, it is not subject to the same regulatory oversight as Circle. This gives Tether more operational flexibility but provides users with fewer legal protections.
Tautoko Ārahi & Māmā
USDT is available on more blockchains and dominates on Tron, where a large share of peer-to-peer transfers happen because fees are very low. It is the default quote currency on Binance, OKX, Bybit and most non-U.S. exchanges.
USDC covers fewer chains but has a strong presence on Ethereum, Solana, Base (Coinbase's Layer 2), Arbitrum and Optimism. Circle's CCTP lets you move native USDC between supported chains without a third-party bridge.
Whakapiri DeFi
USDC is the preferred stablecoin across most major DeFi protocols. Aave, Compound, Morpho, Spark and Sky (formerly MakerDAO) all give USDC a central role in their lending markets. Many protocols use USDC as a core collateral type because its backing is easy to verify. DefiLlama tracks how much of each stablecoin sits in DeFi protocols (its total value locked, or TVL); check the live figure there.
USDT is also supported across DeFi but plays a smaller role on-chain relative to its total market cap. Much of USDT's volume lives on centralized exchanges. In DeFi, USDT is particularly strong in Curve pools and as a trading pair on DEXs, but it is less commonly used as collateral in lending protocols.
Hītori Depeg
USDC had its most serious depeg in March 2023 when Silicon Valley Bank failed. Circle had disclosed about $3.3 billion of reserves at SVB, and USDC fell to about $0.87 on secondary markets. The peg was restored within days after the U.S. Treasury, the Federal Reserve and the FDIC announced that all SVB depositors would be made whole. Circle has since spread its cash across more banking partners.
USDT has seen minor depeg events (dips to roughly $0.95-$0.97) during periods of extreme market fear, but no single large episode comparable to USDC's SVB weekend. During that weekend, USDT briefly traded above $1 as traders moved out of USDC.
Ripanga Whakatauranga Taipitopito
A side-by-side breakdown of the metrics that matter when choosing between USDT and USDC. Supply figures are from DefiLlama as of September 2026; check the live values before acting.
| Tauira | USDT (Tether) | USDC (Circle) |
|---|---|---|
| Rahi o te mākete | About $184 billion (DefiLlama, Sept 2026) | Tata ki te $74 piriona (DefiLlama, Mahuru 2026) |
| Kaiwhakaputa | Tether Limited (BVI) | Circle (U.S., ka hokohoko i te mārketi) |
| Tau Whakaputanga | 2014 | 2018 |
| Tautokonga Tahua | Ngā Pēke o te US, moni, nama kua tiakina, ngā haumi kē | Moni + ngā Pūkete poto o te US anake |
| Arotake / Whakaū | Quarterly attestation (BDO) | Whakaū ā-marama (Deloitte) |
| Ngā Aho Ka tautokohia | Many (Ethereum, Tron, Solana, BNB Chain, TON...) | Many (Ethereum, Solana, Base, Arbitrum...), no Tron |
| Tūnga i roto i te DeFi | Te nuinga he whakawhitinga me ngā puna DEX | Te tuku moni matua me te rawa tāmana |
| Rahi Hokohoko 24h | Teitei rawa o ngā stablecoin katoa | He iti iho (tirohia CoinGecko) |
| Kino Tūponotanga Depeg | Tata ki te $0.95 (poto) | About $0.87 (SVB, March 2023, recovered in days) |
| Whakahaere | Whāiti (kua whakauruhia ki BVI) | FinCEN, raihanā kāwanatanga, MiCA |
| Mō te tino pai | Hokohoko CEX, tuku moni, waiwai | DeFi, penapena, whakamahinga whakahaere |
Whiwhi 7.50% APY i runga i te USDC
Coinstancy Dollar Savings lets you earn 7.50% APY on your USDC (the rate currently in force, which may be revised). Interest accrues every second and is automatically reinvested. No lock-up, withdraw anytime.
Tīmata te whiwhi moni i te CoinstancyKo tēhea Stablecoin me whakamahi mō te DeFi?
Mēnā kei te kaha koe i te pūtea whakawhitinga kore, ko te kōwhiringa i waenganui i USDT me USDC he pānga whai tikanga mō ngā rautaki e wātea ana ki a koe, ngā hua ka whiwhi koe, me te āhua mōrearea o ō tūranga.
Ko USDC te paerewa DeFi. Ko te nuinga o ngā kawa whakawhiwhi moni nui, tae atu ki a Aave, Compound, Morpho me Spark (he wāhanga o te pūnaha Sky), e whakahaere ana i a USDC hei mākete moni pūmau matua. Ko te tikanga he hōhonu ake te waiwai, he reiti whakataetae, he nui ake te hononga ki ētahi atu wāhanga hanga DeFi. Ina hiahia ngā kawa ki tētahi moni pūmau me ngā rahui ka taea te manatoko mō te taunaha me te arorau whakamutunga, ko te nuinga o te wā ka kōwhiria e rātou a USDC.
Kei te kaha a USDT ki te hokohoko i ngā pūrere whakawhiti kua whakarōpūtia (CEX) me ngā puna Curve. Mēnā kei roto i tō rautaki te hokohoko i ngā pūrere whakawhiti kua whakarōpūtia, te whakarato rānei i te wai ki ngā puna moni pūmau a Curve (pērā i te 3pool), he mea nui tonu a USDT. Nā tōna rahinga hokohoko ka piri ake ngā mokowā me te tere ake o ngā whakakī. He maha ngā rautaki arākē i waenga i ngā CEX me ngā pūrere whakawhiti kua whakamaramatia (DEX) e whakawhirinaki ana ki te wai o USDT.
Our recommendation: Use USDC for lending, borrowing, and yield strategies where you want maximum transparency and protocol support. Use USDT when you need raw liquidity for trading or arbitrage. Many experienced DeFi users hold both and swap between them on Curve as needed.
Whakamahia USDC mō
- Tuku ki Aave, Compound, Morpho
- Taonga i ngā kaupapa tuku DeFi
- Mahi hua me ngā rautaki penapena
- Ngā penapena moni pūmau mō te roanga wā
- Ngā take whakamahi a ngā whakahaere, kua whakatūpato
Whakamahia USDT mō
- Hokohoko CEX wāhi me ngā wāhanga
- Utu whakawhiti ā-rohe (inoa mā Tron)
- Te tuku waiwai Curve me DEX
- Arbitrage i waenganui i te CEX me te DEX
- Ngā mākete e rangatira ana te USDT hei tātua
Ko tēhea Stablecoin te pai mō te penapena?
Ina ka pupuri koe i ngā stablecoin hei penapena, kaua mō te hokohoko kaha, ka huri te tātaitanga ki te taha o USDC. He mea māmā te take: e hiahiatia ana e te penapena te whakawhirinaki, ā, e hiahiatia ana e te whakawhirinaki te mārama.
With USDC, you can check every month that your stablecoin is backed by cash and U.S. Treasuries at named, regulated institutions. You know the attestation firm (Deloitte), a main custodian (BNY Mellon) and the reserve fund manager (BlackRock). That level of verifiability makes it easier to judge whether each token is backed, whether you need it tomorrow or in two years.
Tērā pea he rawaka ngā rahui a USDT, engari ki te kore he arotake katoa, ka whakawhirinaki koe ki ngā whakaaturanga ā-wāhanga, kaua ki te arotake motuhake katoa. Mō te hokohoko kaha, inā pupuri koe i te USDT mō ētahi meneti, hāora rānei, he whakataunga e whakaaehia ana e te nuinga o ngā kaiwhakamahi. Mō ngā moni penapena e puritia ana mō ngā marama, tau rānei, he tokomaha te hunga e hiahia ana ki te rawa e taea ana te manatoko ake.
Coinstancy Dollar Savings pays 7.50% APY on USDC (the rate currently in force, which may be revised). Interest accrues every second and is automatically reinvested, with no lock-up, and you can withdraw anytime. We chose USDC for Dollar Savings because of its transparency. Your yield comes from on-chain strategies, and the underlying asset is one of the most transparent stablecoins in the market.
7.50% APY
On USDC with Coinstancy Dollar Savings
Every Second
Interest accrues, automatically reinvested
Kāore he whakakā
Tukua atu i ngā wā katoa
Ngā stablecoin kē atu hei whakaaro
Ko USDT me USDC te rangatira i te mākete, engari he maha atu ngā moni pūtea pūmau e mahi ana i ngā tūranga motuhake i te pūnaha. Anei he tirohanga poto o ngā kōwhiringa tino rongonui.
GHO (Aave)
A decentralized, over-collateralized stablecoin minted through Aave. GHO is backed by crypto collateral rather than fiat reserves. Its borrow rate is set by Aave governance. GHO is much smaller than USDT or USDC; DefiLlama shows its current supply.
Pānuihia te Ārahi GHOUSD1 (World Liberty Financial)
He kaiuru hou i tautokohia e ngā Pēke o te United States me ngā tāke pēke, e whai ana a USD1 ki te whakataetae ki USDC i runga i te mārama, me te whakamahi i ngā hononga pūmau. He wāhanga tuatahi tonu me ngā hononga DeFi iti, engari e tika ana kia mātakitaki i te whanaketanga o te āhua o ngā moni pūmau.
Pānui Ārahi USD1DAI / USDS (Sky, i mua i te Maker)
The original decentralized stablecoin, now issued alongside USDS by the Sky Protocol (formerly MakerDAO). It is over-collateralized by a mix of crypto assets and real-world assets. DAI and USDS remain a cornerstone of DeFi, especially for users who want a stablecoin not controlled by a single company. See DefiLlama for their current supply.
EURC (Poraka)
Ko te moni pūmau ā-ūropi a Circle, kua herea 1:1 ki te ūropi. Ka tukuna a EURC i raro i te MiCA, ā, kei te kaha haere i ngā mākete DeFi o Ūropi. E whai ana i ngā paerewa rāhui me te whakaū rite ki a USDC, nā reira ko ia tētahi o ngā moni pūmau ā-ūropi tino mārama e wātea ana.
Kua whiriwhiri koe? Whakaritea te USDC ki te mahi.
Earn 7.50% APY on USDC with Coinstancy Dollar Savings. Interest accrues every second and is automatically reinvested. No lock-up, withdraw anytime. Your stablecoins should not sit idle.
Tīmata ki te Whiwhi 7.50% APYNgā Pātai Auau
He haumaru ake te USDT, te USDC rānei?
Ka taea e USDT me USDC te ngaro i tā rātou hononga?
Ko tēhea moni pūmau te mea whai utu iti?
Ka taea e au te huri i te USDT ki te USDC i te ngawari?
Why does Coinstancy Dollar Savings use USDC?
Ko tēhea moni pūmau te pai mō ngā tīmata?
Haere tonu ki te ako
Tirohia ētahi aratohu anō mō ngā moni pūmau, ngā rautaki DeFi, me ngā mātāpono crypto.
He aha te APY i roto i te Crypto?
Mārama ki te hua tau ā-rau, me te mahi o te whakakotahi, me te āhua o te whakataurite i ngā hua DeFi.
Pānui AratohuGHO Stablecoin Aratohu
Ngā mea katoa mō te Aave's moni pūmau: me pēhea te mahi, te hanga, me te whakahaere.
Pānui AratohuAratohu Moni Pūmau USD1
Ako mō te World Liberty Financial moni pūmau, tōna tautoko, me te āhua o te whakataurite ki te USDC.
Pānui AratohuWhiwhi 7.50% APY i runga i te USDC me Coinstancy
USDC is one of the most transparent stablecoins on the market. Coinstancy Dollar Savings lets you earn 7.50% APY on your USDC. Interest accrues every second and is automatically reinvested. No lock-up, withdraw anytime. Your savings deserve both yield and transparency.
Tīmata te whiwhi moni i te CoinstancyNgā puna me ngā pānuitanga atu anō
Ka whakawhirinaki ngā tatauranga me ngā kerēme o tēnei whārangi ki ngā tuhinga kei raro nei. Ka neke ngā tatauranga pā ki te wā (reiti, hua, utu, raraunga mākete): tirohia te uara ora i te puna i mua i te mahi.
- Circle, ngā pūrongo mārama me ngā rahui USDCcircle.com
Monthly reserve composition and the independent attestation for USDC.
- Tether, transparency and reserve attestationstether.to
Quarterly attestations and the current breakdown of USDT reserves.
- DefiLlama, stablecoins dashboard (live aggregator)defillama.com
Circulating supply of USDT, USDC and other stablecoins; figures on this page were read in September 2026.
- CFTC press release 8450-21, Tether and Bitfinex orderscftc.gov
Te whiu $41 miriona ki a Tether i pānuitia i te marama o Oketopa 2021.
- New York Attorney General, Bitfinex and Tether settlementag.ny.gov
Te whakataunga $18.5 miriona o Pepuere 2021.
- FDIC, joint statement on Silicon Valley Bank (March 12, 2023)fdic.gov
The decision to make all SVB depositors whole, which ended the USDC depeg.
- EUR-Lex, Regulation (EU) 2023/1114 (MiCA)eur-lex.europa.eu
Te anga EU e whakaputaina ai a USDC me EURC i Uropi.
I arotakea whakamutunga: Mahuru 2026. Ka whakatuwheratia ngā hononga o waho ki tētahi tihopa hou; kāore a Coinstancy e whai kawenga mō ō rātou ihirangi.
Ko te USDC te kōwhiringa mārama mō te penapena
Transparent reserves, regulated issuer, and 7.50% APY with Coinstancy Dollar Savings. Start earning today.