In a surprising turn of events, Circle’s USD Coin (USDC) has surpassed Tether’s stablecoin in transaction volume, according to recent data from payments giant Visa.
In April 2024, USDC recorded 166.6 million transactions, outpacing USDT’s 163.6 million monthly transactions.
Since the end of 2023, USDC has steadily gained ground in the stablecoin transaction market.
December of that year marked a milestone when USDC’s 145 million monthly transactions exceeded USDT’s 127 million transactions for the first time.
This development comes as a significant surprise to industry observers, given that Tether has long held the title of the world’s largest stablecoin, boasting a market capitalization exceeding $110 billion and accounting for over 68% of the total stablecoin market share.
Tether’s market dominance makes its stablecoin more than three times larger than Circle’s USDC, currently valued at $33.5 billion.
While USDC has overtaken USDT in transaction volume, Tether maintains a substantial lead in terms of total users.
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In April 2024, USDT was utilized by over 34.2 million unique wallets, whereas USDC only saw 9.57 million unique users.
Overall, there were 27.3 million unique stablecoin users and 21.4 million unique stablecoin sending addresses in the past 30 days.
Visa’s stablecoin analytics dashboard, launched in April, tracks four stablecoins, including USDC, USDT, Paxos dollar (USDP), and PayPal USD.
According to Visa’s data, these stablecoins recorded over $2.3 trillion in total transaction volume across more than 352 million transactions during the same period.
Stablecoins play a crucial role in the cryptocurrency ecosystem, facilitating swift transactions in and out of digital assets.
With a total market capitalization exceeding $161 billion, stablecoins constitute 6.63% of the overall crypto market cap, as reported by CoinGecko.
Visa’s introduction of its stablecoin analytics dashboard aims to provide accessible and comprehensive data on stablecoin transactions across multiple blockchains, cutting through the complexity for industry stakeholders.
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