Fun

Circle’s USDC overtakes Tether’s USDT in stablecoin transactions — Visa

News Feed - 2024-04-29 10:04:07

Zoltan Vardai10 hours agoCircle’s USDC overtakes Tether’s USDT in stablecoin transactions — VisaDespite Circle’s rising transaction count, Tether’s USDT still accounts for over 68% of the entire stablecoin market.2487 Total views3 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksCircle’s USD Coin (USDC) has overtaken the world’s largest stablecoin, Tether’s (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.Total monthly stablecoin transaction count. Source:Visa


USDC has been eating up the stablecoin transaction market share since the end of 202. In December 2023, USDC’s 145 million monthly transactions flipped USDT’s 127 million transactions for the first time, according to Visa.


The development is a significant surprise for industry participants, considering that Tether is the world’s largest stablecoin by far, with a market capitalization of over $110 billion, accounting for over 68% of total stablecoin market share. 


This makes Tether’s stablecoin over three times larger than Circle’s USDC, which is currently worth $33.5 billion, according to CoinMarketCap data.


Cointelegraph has contacted Tether for comment.


Related:USDT aims to offer a lifeline to inflation-stricken nations: Tether CEO


In terms of total users, Circle’s stablecoin is still far behind Tether’s user count. USDT was used by over 34.2 million unique wallets in April 2024, while Circle’s USDC only saw 9.57 million unique users.Monthly Active Stablecoin Wallet Addresses by Blockchain. Source:Visa


There were a total of 27.3 million unique stablecoin users and 21.4 million unique stablecoin sending addresses in the past 30 days.


The four stablecoins tracked by Visa, which also include the Paxos dollar (USDP) and PayPal USD (PYUSD), recorded over $2.3 trillion in total transaction volume in over 352 million transactions during the past 30 days, according to Visa’s dashboard.Average monthly stablecoin supply. Source:Visa


Visa introduced its stablecoin analytics dashboard in April, aiming to cut through the “noise” to provide easily accessible and digestible data on four stablecoins across nine blockchains.


Stablecoins are important, as they enable traders to quickly move in and out of cryptocurrency positions. Stablecoins have a total market capitalization of over $161 billion, which accounts for 6.63% of the total crypto market cap of $2.43 trillion, according to CoinGecko data.What are stablecoins, and how do they work? Source: Cointelegraph


Related:Crypto on track to hit 1 billion users by end of 2025: Analyst# Cryptocurrencies# Altcoin# Circle# Ethereum# Adoption# Tether# Stablecoin# USD Coin# PayPal USDAdd reaction

News Feed

Zhiyuan Sun5 hours agoVietnamese Web3 coalition Ninety Eight launches $25M ecosystem fundThe capital will be dedicated to supporting Web3 startups in Asia.741 Total views7 Total sharesListen to article 0:00NewsJoin us on
Binance Now Accepting Fiat Through Alipay, WeChat
Binance is now accepting fiat through Alipay and WeChat, opening up the exchange to peer-to-peer (P2P) crypto transactions from China. The move follows a September announcement concerning the exchange’s intentio
Chipper Cash Extends Peer-to-Peer Money Transfer Service to South Africa
Chipper Cash Extends Peer-to-Peer Money Transfer Service to South Africa Chipper Cash, an African fintech start-up, has extended its peer-to-peer instant money service to South Afr
Bitcoin mining firm Bit Digital reports revenues up nearly 40%
Ezra Reguerra17 minutes agoBitcoin mining firm Bit Digital reports revenues up nearly 40%Bitcoin mining company Bit Digital said that its venture into artificial intelligence had already produced $4 million of revenue in
Professor Steve Hanke Says US Economy Was Flat Over the Last Year, but Stresses ‘It’s Going to Hit South’
Professor Steve Hanke Says US Economy Was Flat Over the Last Year, but Stresses ‘It’s Going to Hit South’ Amid the chaotic economy, plagued with central bank tinkering, suppl
Report: Nigeria-China Currency Swap Agreement Fails to Ease Pressure on the Naira
Report: Nigeria-China Currency Swap Agreement Fails to Ease Pressure on the Naira Nigerian economic experts have said the country’s five-year-old currency swap agreement with
XRP $15 Breakout? Not A Far-Fetched Idea—Analysis
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Warren Buffett Likens Bitcoin to Gambling and Chain Letters in Recent Interview
Warren Buffett Likens Bitcoin to Gambling and Chain Letters in Recent Interview Finance mogul Warren Buffett, one of the most successful investors in history, discussed bitcoin dur
Switzerland’s Largest Bank UBS Suggests Alternative Ways of Investing in Cryptocurrency
Switzerland"s Largest Bank UBS Suggests Alternative Ways of Investing in Cryptocurrency Switzerland’s largest bank, UBS, has suggested some investment strategies for investo
Chinese Official Warns Libra Could Abet Illegal Cross-Border Transfers
Libra must abide by international foreign exchange regulations or “it should be banned,” a senior Chinese regulator said Monday. Sun Tianqi, chief accountant of China’s State
1inch partners with Blockaid to combat DeFi fraud and cyber threats
Ezra Reguerra39 minutes ago1inch partners with Blockaid to combat DeFi fraud and cyber threatsBlockaid CEO Ido Ben-Natan told Cointelegraph that the product allows developers to integrate the solution through an API, avo
Zhiyuan Sun7 hours agoMedian Web3 developer salary stands at $128K in 2023In a recent Pantera survey, less than 2% of respondents said they worked full time in an office setting, with the rest working at least partially