Circle’s USDC Overtakes Tether in Number of Monthly Transactions
According to analysts at Visa, USDC has surpassed the leading stablecoin USDT from Tether in monthly transaction volume. Their data shows that in April 2024, USDC had 166.6 million transactions compared to USDT’s 163.6 million.
This marks the first time that the stablecoin from the Center consortium has overtaken its competitor, which had 145 million transactions compared to USDC’s 127 million in December 2023.
While USDT remains the largest stablecoin in terms of market capitalization at $110.3 billion, USDC has also seen significant growth with a market cap of $33.4 billion.
However, USDT still has significantly more unique users with over 34.2 million in April compared to USDC’s 9.57 million.
In addition, data from Nansen suggests that the transaction volume in USDT, USDC, and DAI over the past 30 days has exceeded Visa’s monthly average for 2023, indicating a rising popularity of stablecoins.
