On October 30, 2025, JPMorgan reported that Circle Internet Group's (CRCL) USDC stablecoin surpassed Tether's USDT in onchain activity, citing regulatory clarity and institutional adoption as key drivers. USDC's market cap surged 72% year-to-date to $74 billion, outpacing USDT, as investors favored transparent, compliant stablecoins following Europe's MiCA framework and USDC's integration with major payment networks. Despite this positive business development, CRCL stock closed at $122.70, down 6.86% on October 30, 2025, before rebounding to $125.40 (+2.20%) in after-hours trading. The sharp decline suggests broader market pressures or profit-taking, but the news establishes Circle as a regulatory and industry leader.