While both tokens represent dollars, they play different roles for different users. USDC is mostly used for DeFi, which explains why it started growing only two years ago. Tether is the stablecoin for large traders, experienced whales who like the liquidity, who may know more about its shady backing than the public, and who trust it because they have redeemed or created millions or billions of USDT. USDC being more regulated doesn't mean it's safer for traders. It means your USDC tokens are more likely to be confiscated by the US government for some reason.
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