Circle’s USDC Surpasses Tether’s USDT in Monthly Transactions

• The number of USDC transactions surpassed USDT’s monthly total, at 166.6 million.
• Since the year 2023 came to a close, USDC has been steadily increasing its share.

Interestingly, USD Coin (USDC) from Circle has surpassed the biggest stablecoin in the world Tether (USDT), in terms of stablecoin transactions. In April 2024, the number of USDC transactions surpassed USDT’s monthly total, at 166.6 million, according to on-chain analytics provided by payments behemoth Visa.

Since the year 2023 came to a close, USDC has been steadily increasing its share of the stablecoin transaction industry. Visa reports that in December 2023, the volume of monthly transactions for USDC surpassed that of USDT for the first time, with 145 million transactions compared to 127 million transactions.

Tether’s USDT Still Leading

Because of Tether’s dominance in the stablecoin market—with a market worth of over $110 billion and more than 68% of the total—this move has caught industry players by astonishment. Given that Circle’s USDC is presently valued at $33.5 billion (as per CoinMarketCap statistics), this makes Tether’s stablecoin more than three times greater.

The number of people using Circle’s stablecoin lags far behind that of Tether. Compared to Circle’s USDC, which only had 9.57 million unique users in April 2024, USDT had more than 34.2 million unique wallets.

In the last 30 days, 27.3 million unique users have used stablecoin, and 21.4 million unique addresses have sent stablecoin. The four stablecoins that Visa monitored—USDP, PYUSD, USDP, and USDP—recorded 352 million transactions totaling over $2.3 trillion in the last 30 days, according to Visa’s dashboard.

In April, Visa debuted its stablecoin analytics dashboard, with the goal of delivering simply consumable statistics on four stablecoins across nine blockchains while reducing the amount of “noise” in the market.

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