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CDS Crypto News Circle USDC Surpasses Tether’s USDT in Stablecoin Transactions

Crypto News

Circle USDC Surpasses Tether’s USDT in Stablecoin Transactions

Although Circle's transaction count is on the rise, Tether's USDT continues to dominate the stablecoin market, commanding over 68% of the total market share.

sevval29/04/20241 Mins read158

Crypto News– In an unexpected turn of events, Circle’s USD Coin (USDC) has surpassed Tether’s USDT in stablecoin transactions. According to on-chain analytics provided by payments giant Visa, USDC recorded 166.6 million transactions in April 2024, overtaking USDT’s 163.6 million monthly transactions.

Circle USDC Surpasses Tether’s USDT in Stablecoin Transactions

This shift in market dominance has been notable since the end of 2023, when USDC began to gain ground in stablecoin transaction volume. In December 2023, USDC’s 145 million monthly transactions surpassed USDT’s 127 million transactions for the first time, as reported by Visa.

This development comes as a surprise to industry participants, given that Tether has long held the title of the world’s largest stablecoin, boasting a market capitalization of over $110 billion and commanding more than 68% of the total stablecoin market share. In contrast, Circle’s USDC, valued at $33.5 billion according to CoinMarketCap data, is currently less than one-third the size of Tether.

Cointelegraph has reached out to Tether for comment on this development.

In the last 30 days, there were a total of 27.3 million unique stablecoin users and 21.4 million unique stablecoin sending addresses.

Visa, tracking four stablecoins including the Paxos dollar (USDP) and PayPal USD (PYUSD), reported a staggering total transaction volume exceeding $2.3 trillion across over 352 million transactions in the same period, as per Visa’s dashboard.

Visa debuted its stablecoin analytics dashboard in April, designed to offer easily accessible and comprehensible data on four stablecoins across nine blockchains, cutting through the noise of information overload.

Stablecoins play a crucial role in the cryptocurrency ecosystem by facilitating swift transactions for traders entering and exiting cryptocurrency positions. With a collective market capitalization exceeding $161 billion, stablecoins represent approximately 6.63% of the total cryptocurrency market capitalization of $2.43 trillion, based on CoinGecko data.