Circle Internet Financial’s stablecoin, USDC, has outpaced Tether’s USDT in transaction volume, marking a significant shift in the stablecoin market, as reported by Visa in collaboration with Allium Labs. This achievement is notable considering USDC was launched in 2018 and has quickly risen to prominence. Last week, USDC saw a transaction volume of $456 billion, significantly higher than USDT’s $89 billion, showcasing its growing influence.
Despite USDT’s dominance in terms of circulation, with a 68% market share compared to USDC’s 20%, USDC’s recent surge in use, particularly in the US, highlights its appeal as a transaction currency. This shift is underscored by Circle’s expansion into the Japanese market through a partnership with Coincheck Inc., further solidifying USDC’s position as a global stablecoin leader. The data, validated by Visa, sets a new benchmark for understanding stablecoin dynamics, free from the influence of artificial inflation or inorganic activities.
This milestone not only underscores the rising adoption and trust in USDC but also points to a broader acceptance and utilization of stablecoins in the digital economy, signaling a strategic shift in the landscape of digital payments worldwide.
