Circle’s USDC outperforms Tether’s USDT in stablecoin transactions – Visa

Circle's USD Coin (USDC) has dramatically surpassed the world's largest stablecoin Tethers (USDT) in stablecoin transactions.

USDC saw 166.6 million transactions in April 2024, surpassing USDT's 163.6 million monthly transactions, according to an analysis by payment giant Visa on Chain.

USDC has been eating up the stable coin trading market since late 2020. USDC's 145 million monthly transactions surpassed USDT's 127 million transactions for the first time in December 2023, according to Visa.

The development comes as a big surprise to industry participants, as Tether is by far the world's largest stablecoin, with a market capitalization of more than $110 billion, accounting for more than 68% of the total Stalkcoin market share.

This makes Tether's stablecoin three times larger than Circle's USDC, which is currently worth $33.5 billion, according to CoinMarketCap data.

Cointelegraph has contacted Tether for comment.

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In terms of total users, Circle's stablecoin is still far behind Tether's user base. USDT was used by more than 34.2 million unique wallets in April 2024, while Circle's USDC saw only 9.57 million unique users.

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

The four stablecoins monitored by Visa, including Paxos USD (USDP) and PayPal USD (PYUSD), recorded more than 352 million transaction volumes of more than $2.3 trillion in the past 30 days, according to Visa's dashboard.

Visa has introduced its stablecoin analytics dashboard, aiming to cut through the “noise” to provide easily accessible and digestible data on four stablecoins across nine blockchains.

Stablecoins are important, because they allow traders to quickly enter and exit cryptographic positions. Stablecoins have a total market capitalization of more than $161 billion, accounting for 6.63 percent of the total crypto market of $2.43 trillion, according to CoinGecko data.

Related: Crypto on track to hit 1 billion users by end of 2025: analyst