Economists Iñaki Aldasoro and Rashad Ahmed attributed USDC's higher sensitivity to deposit rates to its closer connections to U.S. institutional users and domestic financial markets relative to USDT's offshore focus.

Tokens pegged to stable value, usually the US dollar, spanning issuers and reserves, depegs, and adoption by banks and payment networks.

Supply, adoption, and competitive dynamics of fiat-pegged tokens, tracking issuers like Tether and Circle and the payment and trading flows they power.