According to data from on-chain analytics provider Visa Inc., Circle’s USDC transaction volume has surpassed Tether’s USDT since the beginning of 2024. The latest figures reveal that Circle’s USDC has steadily gained market share year-to-date (YTD). Over the past week, USDC transacted $456 billion in volume, compared to Tether’s USDT recorded $89 billion. In addition, […]
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- Visa’s data shows Circle’s USDC surpassing Tether’s USDT in transaction volume since the start of 2024.
- USDC transacted $456 billion over the past week, capturing 50% of total stablecoin transactions YTD.
- Despite Tether’s dominance in circulation, USDC’s rise suggests a shifting preference.
According to data from on-chain analytics provider Visa Inc., Circle’s USDC transaction volume has surpassed Tether’s USDT since the beginning of 2024. The latest figures reveal that Circle’s USDC has steadily gained market share year-to-date (YTD).
Over the past week, USDC transacted $456 billion in volume, compared to Tether’s USDT recorded $89 billion. In addition, USDC accounted for 50% of total stablecoin transactions YTD. Notwithstanding, “Visa, which partnered with Circle in 2020, didn’t explain what prompted the uptick in USDC usage,” Bloomberg reported.
The news outlet further noted that these statistics “defy expectations,” as Tether’s USDT has traditionally been viewed as the dominant industry stablecoin. Per DefiLlama’s data, USDT holds a market dominance of 68%, in contrast to USDC’s 20%.
Moreover, Noelle Acheson, the author of the Crypto …
The post Circle’s USDC Takes the Lead in Stablecoin Transactions appeared first on Coin Edition.
