Circle's stablecoin, USD Coin (USDC), has achieved a significant milestone by surpassing Tether in stablecoin transactions. Data from Visa's on-chain analysis shows that USDC completed 166.6 million transactions in April 2024, exceeding USDT's 163.6 million transactions.
Since late 2023, USDC has been gaining ground in the stablecoin transaction market share. In December 2023, USDC's 145 million monthly transactions surpassed USDT's 127 million transactions for the first time.
Despite Tether's market value of over $110 billion, commanding more than 68% of the stablecoin market, USDC's rise in transactions is a surprising development. Tether remains three times larger than USDC, valued at $33.5 billion based on CoinMarketCap data.
While USDC has made strides in transaction volume, Tether still leads in total user numbers. In April 2024, USDT boasted over 34.2 million unique wallets, significantly more than the 9.57 million users of Circle's USDC.
Visa's recent introduction of a stablecoin analysis dashboard aimed at simplifying data related to stablecoins, including USDC, USDT, Paxos Dollar (USDP), and PayPal USD, has been well-received by crypto analysts and investors. The dashboard revealed that these stablecoin projects recorded over 352 million transactions in the last month, totaling more than $2.3 trillion in transaction volume.
Stablecoin projects play a crucial role in the cryptocurrency market, enabling investors to swiftly enter and exit crypto positions. With the total market value of stablecoin projects exceeding $161 billion, they represent 6.63% of the overall $2.43 trillion crypto market.
