Circle's USDC Surpasses Tether's USDT in Stablecoin Transactions, Reveals Visa
Summary:
In an unexpected development, Circle's US Dollar Coin (USDC) has surpassed Tether's USDT in stablecoin transactions with 166.6 million in April 2024, according to Visa's on-chain analytics. Despite this, USDC lags behind Tether in terms of user base. The four stablecoins monitored by Visa recorded over $2.3 trillion in total transaction volume over the past 30 days. Despite their importance, stablecoins account for just 6.63% of the $2.43 trillion total crypto market cap.
In a surprise development, Circle's US Dollar Coin (USDC) has surpassed Tether's USDT in the number of stablecoin transactions. April 2024 witnessed 166.6 million transactions of Circle's USDC, overshadowing Tether's 163.6 million monthly transactions. This information was revealed through an analysis of on-chain transactions by Visa, a leading payment processing giant.
Since the conclusion of last year, USDC has been steadily capturing a larger portion of the stablecoin transaction market. As per Visa, in December 2023, USDC's 145 million monthly transactions outperformed USDT's 127 million transactions, marking a first.
This shift has caught industry insiders off guard, because Tether hitherto had the highest market capitalisation among all stablecoins, exceeding $110 billion. With over 68% of total stablecoin market share, Tether's stablecoin is more than triple the size of Circle's $33.5 billion USDC, as per CoinMarketCap data.
In spite of this success, Circle's stablecoin still lags behind Tether in terms of total users. April 2024 saw more than 34.2 million unique wallets using Tether’s USDT, while Circle's USDC was used by only about 9.57 million unique users.
Visa's statistics revealed that there were 27.3 million distinct stablecoin users and 21.4 million unique stablecoin sending addresses in the previous 30 days.
In terms of the four stablecoins monitored by Visa, including the Paxos dollar (USDP) and PayPal’s USD (PYUSD), a total transaction volume exceeding $2.3 trillion was registered over the past 30 days, with over 352 million transactions. Visa showcased this data through its newly introduced stablecoin analytics dashboard earlier in April, designed to provide simplified and comprehensible data on four stablecoins across nine blockchains.
Stablecoins, crucial to traders for swiftly transitioning in and out of cryptocurrency positions, have a total market capitalisation exceeding $161 billion. This accounts for 6.63% of the total crypto market cap of $2.43 trillion, as per CoinGecko data.
Published At
4/29/2024 4:13:07 PM
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