Circle’s USDC Overtakes Tether USDT In Transaction Volume: Visa

Circle Internet Financial’s stablecoin, USDC, has achieved a significant milestone in the stablecoin market. It has surpassed Tether’s USDT in transaction volume, as pointed out by Visa, a globally recognized digital payments tech company. 

This data was made available through a collaboration with Allium Labs, which spearheaded the development of a unique stablecoin metric. Visa, a trusted name in the industry, has vouched for this metric’s accuracy, designed to provide a clear view of the stablecoin market dynamics, free from potential distortions caused by artificial inflationary practices or inorganic activities.

Here’s an overview of the data streamlined by Visa’s stablecoin-specific metric that underscores USDC’s monumental achievement.

USDC Reigns Supreme Despite Less Dominance In The Market

According to Visa’s data, Circle’s USDC has not only gained significant traction in the market since its inception in 2018, but has also made a global impact since the beginning of 2024. Last week alone, USDC registered a staggering $456 billion in transaction volume, a figure that overshadows Tether’s USDT, which trailed behind at $89 billion, underlining the magnitude of USDC’s success.

Notably, USDC has claimed a significant 50% share in total transactions since January this year. However, Visa, in partnership with Circle since 2020, has not yet provided insights into what caused the unprecedented surge in USDC usage.

Intriguingly, these findings further stir speculations as Tether’s USDT is traditionally viewed as the leading stablecoin in the industry, boasting a 68% share of coins in circulation compared to USDC’s 20%, per DefiLlama. This comes primarily attributed to USDT’s holdings being more outside the U.S., whereas USDC is used in the U.S. as a transaction currency, Noelle Acheson, author of Crypto Is Macro Now, added.

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Circle’s Recent Development

Meanwhile, the stablecoin issuer Circle expanded its outreach to the Japanese market as of February this year. As a result of the collaboration with Coincheck Inc., the U.S.-based fintech ventured into the Japanese market, broadening the reach of the USD Coin (USDC).

This further underscores USDC’s burgeoning adoption, setting it as a stablecoin pioneer globally. The token’s trading volume surged 12.45%, reaching $4.85 billion at press time.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.