May 23, 2024
Stablecoin Market Shift
Latest Cryptocurrency News

USDC Overtakes USDT in Monthly Transactions.

USDC Overtakes USDT in Transactions

In a surprising turn of events, Circle’s USD Coin (USDC) has outpaced the world’s largest stablecoin, Tether’s USDT, in stablecoin transactions, according to recent on-chain analytics by payments giant Visa. April 2024 witnessed USDC processing 166.6 million transactions, surpassing USDT’s 163.6 million monthly transactions, as reported by Visa.

Market Dynamics and Growth Trends

This development marks a significant shift in the stablecoin landscape, highlighting USDC’s steady rise in market share since the latter part of 2023. December 2023 already saw USDC’s monthly transactions at 145 million, flipping USDT’s 127 million transactions for the first time, signaling a growing preference among users for Circle’s stablecoin.

Despite Tether’s dominance, with a market capitalization exceeding $110 billion and accounting for over 68% of the total stablecoin market share, the latest data indicates a shift in transactional activity favoring USDC.

Market Capitalization and User Base Comparison

Tether’s stablecoin remains over three times larger than Circle’s USDC, with Tether’s market cap at $110 billion compared to USDC’s $33.5 billion. However, in terms of total users, Tether’s advantage is evident, with over 34.2 million unique wallets in April 2024, while USDC reported 9.57 million unique users.

The overall stablecoin market saw a total of 27.3 million unique users and 21.4 million unique stablecoin sending addresses in the past 30 days, highlighting the widespread adoption and utility of stablecoins across various platforms.

Visa’s Stablecoin Analytics and Market Insights

Visa’s introduction of its stablecoin analytics dashboard in April aimed to provide comprehensive data on stablecoin transactions across nine blockchains. The analytics revealed that the four stablecoins tracked by Visa, including USDC, USDT, Paxos Dollar (USDP), and PayPal USD, recorded over $2.3 trillion in total transaction volume through more than 352 million transactions in the past 30 days.

The Growing Significance of Stablecoins

Stablecoins play a crucial role in facilitating swift transactions within the cryptocurrency ecosystem. With a combined market capitalization exceeding $161 billion, accounting for 6.63% of the total crypto market cap of $2.43 trillion, stablecoins like USDC and USDT continue to gain traction among traders and investors, showcasing a dynamic shift in the digital asset landscape.

Image by pixabay

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