#StablecoinSurge Yet, despite the rush to launch their own coins, banks and fintech companies still face an uphill battle. The dominance of Tether (USDT) and Circle (USDC) is hard to crack, and the sheer volume of transactions they handle makes newcomers look like minnows in a vast ocean. Even PayPal’s PYUSD, backed by a massive payments ecosystem, is barely making a dent compared to Tether’s $131 billion monthly transaction volume.