Published on april 30, 2024, 12:43 am
Image source: Fox News
```json [ { "TLDR": "USDC surpasses USDT in stablecoin transactions, recording 166.6 million transactions in April 2024 compared to USDT's 163.6 million. Despite Tether's larger market capitalization ($110 billion), USDC is gaining traction with a growing user base and transaction volume, highlighting the increasing relevance of stablecoins in the cryptocurrency market." } ] ```
Despite Circle’s rising transaction count, Tether’s USDT still accounts for over 68% of the entire stablecoin market. Circle’s USD Coin (USDC) has made a significant mark in the realm of cryptocurrencies by surpassing Tether’s USDT in stablecoin transactions. According to Visa’s on-chain analytics, USDC recorded 166.6 million transactions in April 2024, outpacing USDT’s 163.6 million monthly transactions.
The shift began towards the end of 2023 when USDC started gaining traction in the stablecoin transaction market. In December 2023, USDC exceeded USDT with 145 million monthly transactions compared to USDT’s 127 million, marking a pivotal moment in the industry. This development comes as a surprise to many industry observers considering Tether’s dominance as the largest stablecoin globally, boasting a market capitalization exceeding $110 billion and representing more than two-thirds (68%) of the total stablecoin market share.
Although Tether remains firmly ahead in terms of market size with its stablecoin significantly larger than Circle’s USDC ($33.5 billion), recent figures show a changing landscape. While Tether caters to over 34.2 million unique wallets as of April 2024, Circle’s USDC lags behind with only 9.57 million unique users.
Visa’s analytics reveal that among the four stablecoins tracked – which include not only Tether’s USDT and Circle’s USDC but also Paxos’ dollar (USDP) and PayPal’s USD (PYUSD) – total transaction volume surpassed $2.3 trillion from over 352 million transactions within a month. The data underscores the growing relevance of stablecoins in cryptocurrency trading allowing swift movements between assets.
Visa recently launched its stablecoin analytics dashboard to offer stakeholders accessible insights into these key cryptocurrencies across various blockchains amid increasing noise and complexity in the market.
Stablecoins have become integral in facilitating seamless trading activities within the crypto sphere due to their ability to maintain price stability against fiat currencies like USD, making them attractive for investors looking to hedge against volatility while retaining liquidity.
With stablecoins commanding over $161 billion in total market capitalization – about 6.63% of the overall crypto market cap standing at $2.43 trillion according to CoinGecko – their significance is set to grow further within the digital asset landscape as cryptocurrency adoption continues upward trajectory worldwide.
Original article posted by Fox News
