Circle’s USDC Stablecoin Surpasses Tether’s USDT in Transaction Volume

Last update:

April 29, 2024 16:40 EDT
| 1 minute read

White marble with circle logo and gray USDC Stablecoin

Circle Stablecoin (USDC) has surpassed Tether’s USDT in trading volume, achieving a significant milestone in the stablecoin market, according to data released by Visa on April 29th through a partnership with Allium Research. .

USDC stablecoin trading volume hits $456 billion

adjusted Stablecoin metrics data It was revealed that Circle’s USDC stablecoin is gaining market share, with trading volume of $456 billion last week, compared to $89 billion for Tether’s USDT.

The USDC stablecoin has also accounted for a 50% share of total transactions since January.

USDC stablecoin
USDC records $456 billion in transaction volume in April 2024

However, the data report did not clarify the reason for the sudden increase in USDC trading volume.

Despite the increase in USDC trading volume, Tether remains a dominant force in the stablecoin market.of USDT stablecoin accounts for over 68% It boasts a market share of over $100 billion in market capitalization.

USDC stablecoin
Tether USDT has a 68.92% share of stablecoin circulation

Exclusive to Crypto Analyst Noel Acheson Provided insight to Bloomberg Noting the sharp increase in USDC trading volume, he noted that USDT is primarily held outside the United States as a dollar-based store of value. In contrast, the USDC stablecoin is primarily used as a trading currency within the United States.

USDC stablecoin continues growth recovery after US banking setback in 2023

The increase in USDC volume follows a series of consecutive stablecoin adoptions.

Stripe, a leading digital payments company, recently reintroduced cryptocurrency payments with a special focus on the USDC stablecoin. USDC payment integration is expected to begin in the summer of 2024.

Stripe announcement and PayPal launch of stablecoin PYUSD and Accepting stablecoin payments with Shopifyindicating the increasing adoption of USDC and other stablecoin assets in mainstream transactions.

Meanwhile, Binance announced on April 18th the $1 billion Safe Assets Fund for Users (SAFU ) was converted to USDC stablecoin.

as US Congress considers stablecoin billcryptocurrency enthusiasts believe that blockchain technology has the potential to embrace stablecoins that allow new financial systems to power.

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