By September 2025, USDT circulation on the Celo chain is projected to be between $800 million and $1 billion, and USDC approximately $400 million to $600 million, collectively accounting for 70%-80% of the total Celo stablecoin circulation. This data reflects the high usage of USDT and the institutional penetration of USDC, and also underscores the Celo ecosystem's transition from a "native stablecoin-dominated" ecosystem to a "multi-chain stablecoin competition." Investors should monitor Tether's on-chain strategy adjustments, Circle's compliance progress, and Celo's technological upgrades (such as Zk-proof integration) for their long-term impact on stablecoin liquidity.