USDC Surpasses USDT in Monthly Transactions, According to Visa
In a surprising turn of events, USD Coin (USDC) has overtaken the world’s largest stablecoin, Tether (USDT), in terms of monthly transactions. Visa, the payments giant, has provided on-chain analytics that reveal USDC’s dominance in April 2024, with a total of 166.6 million transactions.
Since the end of 2023, USDC has been steadily increasing its market share in the stablecoin industry. Visa’s data shows that in December 2023, USDC surpassed USDT for the first time, with 145 million transactions compared to 127 million transactions.
However, Tether’s USDT still maintains its position as the leader in the stablecoin market. With a market worth of over $110 billion and more than 68% of the total market share, Tether’s stablecoin is more than three times larger than Circle’s USDC, which is currently valued at $33.5 billion according to CoinMarketCap.
While USDC’s transaction volume has surpassed USDT, the number of people using Circle’s stablecoin lags far behind Tether. In April 2024, USDC had only 9.57 million unique users, whereas USDT had more than 34.2 million unique wallets.
Visa’s stablecoin analytics dashboard reveals that in the last 30 days, 27.3 million unique users have utilized stablecoin, and 21.4 million unique addresses have sent stablecoin. Across the four stablecoins monitored by Visa—USDC, USDT, USDP, and PYUSD—there were a total of 352 million transactions, amounting to over $2.3 trillion.
Visa introduced its stablecoin analytics dashboard in April, aiming to provide easily digestible statistics on four stablecoins across nine blockchains while reducing market noise.
In other crypto news, the Lazarus Group has recently been identified posing as a Fenbushi executive on LinkedIn for cyber-hacking activities.