Circle’s USDC Overtakes Tether USDT In Transaction Volume: Visa

Circle Internet Financial’s stablecoin USDC has achieved a significant milestone in the stablecoin market. As noted by Visa, a globally recognized digital payments technology company, it has surpassed Tether’s USDT in trading volume.

This data was made available through a collaboration with Allium Labs, which led the development of the proprietary stablecoin index. As a trusted name in the industry, Visa is committed to the accuracy of this indicator, which is designed to provide a clear picture of stablecoin market trends, free from potential distortions caused by artificial inflation or inorganic activity. guaranteed.

here it is Overview Data streamlined by Visa’s stablecoin-specific metrics highlights USDC’s monumental achievements.

USDC reigns supreme despite declining market power

according to visa dataCircle’s USDC has not only gained significant traction in the market since its creation in 2018, but has also been making an impact globally since the beginning of 2024. Last week alone, USDC recorded a staggering $456 billion in trading volume. This number casts a shadow over Tether’s USDC. USDT followed with $89 billion, underscoring the magnitude of USDC’s success.

Notably, USDC claims to have captured a significant 50% share of total trading volume since January this year. However, Visa, which has partnered with Circle since 2020, has yet to provide any insight into the cause of the unprecedented spike in USDC usage.

Interestingly, these findings come as Tether’s USDT is traditionally considered the industry-leading stablecoin, with a 68% share of coins in circulation, compared to USDC’s 20%, according to DefiLlama. This is stirring up more speculation. This is primarily due to USDT being used in the US as a trading currency, while many of its holdings are held outside the US, added Noel Acheson, author of Crypto Is Macro Now. Ta.

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Recent developments in the circle

Meanwhile, stablecoin issuer Circle has expanded its entry into the Japanese market since February of this year. As a result of its partnership with Coincheck Inc., the US-based fintech company has expanded into the Japanese market, expanding the reach of USD Coin (USDC).

This further highlights USDC’s rapid adoption and positions USDC as a stablecoin pioneer globally. Token trading volume increased by 12.45%, reaching $4.85 billion at the time of writing.

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