According to PANews, according to data from Visa Inc., Circle Internet Financial's stablecoin USDC has surpassed Tether's USDT in terms of trading volume this year to become the market leader. The adjusted stablecoin index launched by Visa in cooperation with Allium Labs is designed to reflect the state of the stablecoin market and reduce any "potential distortions" that may be generated by non-organic activities and other artificial inflationary behaviors.

Circle's USDC has been gaining market share since the beginning of 2024, with $456 billion in trading volume last week, compared to Tether's USDT trading volume of $89 billion. USDC has also accounted for 50% of total trading volume since January. Visa established a partnership with Circle in 2020, but did not explain the reason for the increase in USDC usage.

DefiLlama data shows that this result exceeded expectations, as Tether's USDT accounts for 68% of the circulating coins, while USDC accounts for 20%, and is therefore generally regarded as the dominant stablecoin in the industry.