Circle’s USDC dominates stablecoin transactions, overtakes Tether (USDT)

Visa Inc. data shows Circle’s USD Coin outperformed the bellwether Tether (USDT) in transaction volume so far in 2024. 

Circle’s #USDC overtakes #Tether’s #USDT in #stablecoin transactions — #Visa :
Despite #Circle’s rising transaction count, Tether’s USDT still accounts for over 68% of the entire stablecoin market.

Circle’s #USD Coin has overtaken the world’s largest stablecoin, Tether’s in… pic.twitter.com/Z56vzHb0Hc

— TOBTC (@_TOBTC) April 29, 2024

Recent starts show that USDC’s market share has grown steadily since early January. The stablecoin saw $456 billion in transactions over the last week, eclipsing Tether’s $89 billion.

Furthermore, USD Coin captured around 50% of all stablecoin transfers year-to-date. 

Moreover, USDC recorded 166.6M transactions over the past month (April 2024), whereas USDT had 163M.

The latest stats attracted the attention of market participants, who have always perceived USDT as the dominant stablecoin in the digital assets industry. 

USD Coin continues to recover from its connection with the troubled the Silicon Valley Bank, which saw its circulation plummeting to $23B from $56B and de-peg incidents. 

After USD Coin issuer Circle revealed it was not able to withdraw $3.3 billion of its $40 billion from Silicon Valley Bank #SVB the sell-off caused the price of the stablecoin to fall below its $1 mark.

Not so stable 🤷🏼‍♀️ #USDC pic.twitter.com/Lf3jMmkNwS

— Adel (@AdeldMeyer) March 11, 2023

The stablecoin has its market capitalization at $33.51 billion at press time. 

Bullish developments, including enhanced interoperability and links with BlackRock’s tokenized fund, bolster USDC’s recovery. 

Tether still rules the market

Despite the massive surge in USDC transaction count, Tether still commands over 68% of the stablecoin industry, with over $110 billion in market capitalization.

Nevertheless, Circle’s 2024 transactions indicate a shift in market preferences.

Stablecoins are cryptocurrencies tied to the U.S. dollar to ensure stability. They are vital in completing transactions in the digital assets market.

The post Circle’s USDC dominates stablecoin transactions, overtakes Tether (USDT) appeared first on Invezz