Despite Circle’s rising transaction count, Tether’s USDT still accounts for over 68% of the entire stablecoin market.
Circle’s USDC (USDC) has overtaken the world’s largest stablecoin, Tether’s USD (USDT), in stablecoin transactions, in a surprising turn of events.
USDC saw 166.6 million transactions in April 2024, overtaking USDT’s 163.6 million monthly transactions, according to on-chain analytics by payments giant Visa.
USDC has been eating up the stablecoin transaction market share since the end of last year. In December 2023, USDC’s 145 million monthly transactions flipped USDT’s 127 million transactions for the first time, according to Visa.