Circle's USD Coin (USDC) has surpassed stablecoin Tether in transaction volume, according to the latest data from payment giant Visa.
In April 2024, #USDC recorded 166.6 million transactions, surpassing USDT's 163.6 million monthly transactions.
Since the end of 2023, USDC has been steadily strengthening its position in the stable coin trading market.
In December of that year, an important milestone was reached when 145 million monthly USDC transactions surpassed 127 million #USDT transactions for the first time.
This event came as a big surprise to industry observers, given that #Tether had long held the title of the world's largest stablecoin with a market capitalization of over $110 billion and a share of over 68% of the total stablecoin market.
Thanks to Tether's market dominance, its stablecoins are more than three times larger than Circle's USDC, which is currently valued at $33.5 billion.
USDC has overtaken USDT in terms of transaction volume, but Tether has a significant advantage in the number of users.
In April 2024, USDC had just 9.57 million unique users, while USDT had over 34.2 million unique wallets.
Overall, there were 27.3 million unique stablecoin users and 21.4 million unique stablecoin sending addresses in the last 30 days.
Visa's stable coin analytics dashboard, launched in April, tracks four stable coins, including USDC, USDT, Paxos Dollar (USDP) and PayPal USD.
According to Visa, more than $2.3 trillion has been transacted in these stable coins over the same period, with total transaction volume exceeding 352 million.
Stable coins play an important role in the #cryptocurrency ecosystem by facilitating fast transactions of digital assets.
With a market capitalization of over $161 billion, stablecoins account for 6.63% of the total cryptocurrency market, according to CoinGecko.
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