Circle’s USDC has surpassed Tether’s USD as the leading stablecoin in terms of transaction volume. According to Visa’s on-chain analytics, USDC recorded 166.6 million transactions in April 2024, surpassing USDT’s 163.6 million transactions. This trend started at the end of last year when USDC’s monthly transactions exceeded USDT’s for the first time. This development is unexpected, considering that Tether is the largest stablecoin in the world, with a market capitalization of over $110 billion, compared to USDC’s $33.5 billion.
When it comes to total users, Tether still maintains a significant lead over Circle’s stablecoin. In April 2024, USDT was used by over 34.2 million unique wallets, while USDC only had 9.57 million unique users. Over the past 30 days, there were a total of 27.3 million unique stablecoin users and 21.4 million unique stablecoin sending addresses. Visa’s analytics also encompass other stablecoins, including the Paxos dollar (USDP) and PayPal’s USD, which collectively recorded over $2.3 trillion in transaction volume and more than 352 million transactions during the same period.
To provide easily accessible data on stablecoins, Visa introduced its stablecoin analytics dashboard in April. This initiative aims to offer a clear overview amidst the vast amount of information available and focuses on four stablecoins across nine blockchains. Stablecoins play a significant role in the cryptocurrency market as they allow traders to move in and out of positions quickly. Currently, stablecoins have a total market capitalization of over $161 billion, representing 6.63% of the entire crypto market’s value, which amounts to $2.43 trillion.
It’s interesting to note that despite the transaction volume success, Tether still maintains a significant lead in terms of total users. USDT’s popularity among users is undeniable. But who knows, maybe USDC will continue to gain more users in the future!
USDT has been the king for so long, it’s hard to believe that USDC is surpassing it now.
Congratulations to USDC for this unexpected achievement! 🥳👏 It’s incredible to think that Tether, being the largest stablecoin in the world, has been overtaken by USDC. 💪💵 This is a testament to the quality and appeal of USDC in the market. ✨💯
Just because USDC has more transactions doesn’t mean it’s superior. Tether’s popularity speaks for itself.
Thanks to Visa’s on-chain analytics and the stablecoin analytics dashboard introduced by Visa, we now have easily accessible data on stablecoins. This initiative is especially helpful in providing a clear overview amidst the vast sea of information available.
I don’t trust USDC, it lacks the stability and transparency that Tether provides.
The fact that stablecoins have a total market capitalization of over $161 billion is simply remarkable. It’s great to see that stablecoins play such a significant role in the crypto market, allowing traders to move in and out of positions quickly.
USDC may be leading in terms of transactions, but Tether is the stablecoin of choice for most investors.