Circle’s USD Coin (USDC) has surpassed Tether’s (USDT) as the leading stablecoin in terms of transactions. According to Visa’s on-chain analytics, USDC recorded 166.6 million transactions in April 2024, surpassing USDT’s 163.6 million monthly transactions. This marks a significant shift in the stablecoin market, as Tether is the largest stablecoin with a market capitalization of over $110 billion, accounting for more than 68% of the market. In contrast, USDC has a market capitalization of $33.5 billion. However, in terms of total users, USDT still has a significant lead with over 34.2 million unique wallets compared to USDC’s 9.57 million. Visa’s stablecoin analytics dashboard, introduced in April, has provided valuable data on stablecoins, which have a total market capitalization of over $161 billion, representing 6.63% of the total crypto market cap.
Visa witnesses Circle's USDC surpassing Tether's USDT in stablecoin transactions
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