In a notable development within the stablecoin market, Circle’s USDC has overtaken well-known market leader Tether’s USD (USDT) in terms of number of transactions. According to on-chain analytics from payments giant Visa, USDC recorded a whopping 166.6 million transactions in April 2024, which is slightly more than USDT’s 163.6 million transactions.

Tether is still dominant in terms of market capitalization

This growth in transactions for USDC is notable considering Tether’s market share, which remains dominant with a market capitalization of over $110 billion, representing over 68% of the total stablecoin market share. In comparison, USDC’s market cap is $33.5 billion, according to recent data from CoinMarketCap.

Although Tether’s USDT leads the way in terms of market capitalization and user base – with more than 34.2 million unique wallets as of April 2024 versus 9.57 million for USDC – USDC’s recent growth in transaction volume shows that significant changes are taking place in the market.

Visa Stablecoin Analytics Dashboard

The four stablecoins tracked by Visa, including Paxos dollar (USDP) and PayPal’s USD, together reached more than $2.3 trillion in transaction volume across 352 million transactions in the last 30 days. This shows the significant activity and importance of stablecoins, which offer traders the ability to quickly move in and out of positions within the cryptocurrency markets.

Visa launched a stablecoin analytics dashboard earlier this month, aimed at providing clear and accessible data on four stablecoins across nine blockchains. This initiative should help cut through the ‘noise’ in the market data, which is crucial given the rapid evolution of the crypto market.

Stablecoins play a crucial role within the crypto economy with a total market capitalization of approximately $161 billion, representing 6.63% of the total crypto market capitalization of $2.43 trillion, according to figures from CoinGecko.


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