Tether’s USDT fell from 70% market dominance in November 2024 to 59.9% by October 2025, the second sub-60% reading in a single year, while Circle’s USDC climbed from 20.5% to 25.3% over the same span. The shift coincides with Europe’s Markets in Crypto-Assets (MiCA) regulation enforcement, but the dynamics tell a more complex story than
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