In a surprising move, Circle’s USD Coin (USDC) has overtaken Tether’s (USDT) as the world’s largest stablecoin in stablecoin trading.
USDC recorded 166.6 million transactions in April 2024, surpassing USDT’s 163.6 million monthly transactions, according to an on-chain analysis by payments giant Visa.
USDC has been eating into stablecoin trading market share since late 202. According to Visa, USDC’s 145 million monthly transactions in December 2023 overtook USDT’s 127 million transactions for the first time.
Considering that Tether is the world’s largest stablecoin, with a market capitalization of over $110 billion and accounting for over 68% of the overall stablecoin market share, this development comes as quite a surprise to industry players.
This makes Tether’s stablecoin more than three times larger than Circle’s USDC, which is now worth $33.5 billion, according to CoinMarketCap data.
Cointelegraph has reached out to Tether for comment.
Related: USDT aims to provide a lifeline to inflation-stricken countries: Tether CEO
In terms of total users, Circle’s stablecoin still lags far behind Tether’s user count. USDT was used in over 34.2 million unique wallets as of April 2024, while Circle’s USDC only had 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 transfer addresses.
According to Visa’s dashboard, the four stablecoins that Visa tracks, including Paxos Dollar (USDP) and PayPal USD (PYUSD), have a total trading volume of more than $2.3 trillion across more than 352 million transactions over the past 30 days. recorded.
Visa launched its stablecoin analytics dashboard in April. It aims to remove 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 cryptocurrency positions. According to CoinGecko data, stablecoins have a total market cap of over $161 billion, accounting for 6.63% of the total cryptocurrency market cap of $2.43 trillion.
Related: Cryptocurrency set to reach 1 billion users by the end of 2025: Analyst