Circle’s stablecoin project USD Coin has managed to surpass Tether, the world’s largest stablecoin, in stablecoin transactions with a surprising development. According to Visa’s on-chain analysis data, USDC completed 166.6 million transactions in April 2024, overtaking USDT‘s 163.6 million monthly transactions.
Impressive Achievement from USDC
USDC has been eating into the stablecoin transaction market share since the end of 2023. According to Visa data, in December 2023, USDC’s 145 million monthly transactions surpassed USDT‘s 127 million transactions for the first time.
Considering Tether’s market value exceeding $110 billion and accounting for more than 68% of the total stablecoin market share, this development is a significant surprise for industry participants. According to CoinMarketCap data, this makes Tether currently three times larger than Circle’s USDC stablecoin, valued at $33.5 billion.
In terms of total user numbers, Circle’s stablecoin project is still far behind Tether’s user count. In April 2024, USDT was used by more than 34.2 million unique wallets, while only 9.57 million users opted for Circle’s USDC.
Visa and the Stablecoin Market
According to Visa’s dashboard, four popular stablecoin projects including Paxos Dollar (USDP) and PayPal USD recorded over 352 million transactions in the last 30 days, totaling more than $2.3 trillion in transaction volume.
Visa, introduced a stablecoin analysis dashboard in April aimed at simplifying complexity and providing easily accessible and digestible data about four stablecoins across nine blockchain networks. This move has garnered appreciation from crypto analysts and investors alike.
Stablecoin projects hold a significant place in the cryptocurrency market as they allow investors to quickly enter and exit cryptocurrency positions. According to CoinGecko data, the total market value of stablecoin projects exceeds $161 billion, representing 6.63% of the total $2.43 trillion crypto market.
