I believe no one can say that the cryptocurrency ecosystem lacks a competitive structure. We occasionally experience situations where competition manifests itself through different comparisons. Especially with the stablecoin USDT, transaction volumes can be compared with Visa. If USDT surpasses Visa in transaction volumes, it quickly becomes a hot topic. Today, we have such a development. Lookonchain reported the news to us.
USDT Surpasses Visa in Transaction Volume
This development, related to the rise of USDT transactions on the Tron network, actually stems from a price drop in Bitcoin. According to Lookonchain, the 24-hour transaction volume of stablecoin USDT on the Tron network dazzled and reached $53 billion. It was stated that this figure surpassed the average daily transaction volume of Visa, one of the world’s largest payment processing companies.
Let me remind you that Visa reported a transaction volume of $3.78 trillion for the first quarter of 2024. This figure translates to an average daily transaction volume of approximately $42 billion. USDT outperformed by $11 billion yesterday. Of course, this is on a daily basis.
Tether and Visa Competition
USDT, also known as Tether, is a popular stablecoin pegged to the US dollar. It is extremely popular among cryptocurrency investors. Moreover, it is heavily preferred by investors during significant market downturns.
On the other hand, Visa, founded in 1958, is one of the cornerstones of the traditional financial infrastructure that facilitates billions of transactions worldwide each year. It has a vast network. It connects consumers, businesses, banks, and governments in over 200 countries and regions. When evaluated from this perspective, Visa naturally has more influence than USDT.
Visa’s infrastructure provides secure and efficient payment transactions, making it a trusted name in the financial sector. Visa is behind the credit cards in all our wallets today. We are already aware of its speed and transaction capability in the payments we make with credit cards. Although it is often stated that stablecoin transactions pose a challenge for traditional institutions like Visa, I believe Visa could create its own Blockchain and continue its path in the future. It might even launch its own stablecoin. Why not?
