Shiba

USDC

Shiba Inu

Coin

Circle Internet Financial’s stablecoin, USDC, has achieved a significant milestone in the <a href="https://coingape.com/glossary/stable-coins/" target="_blank" rel="noopener">stablecoin</a> market. It has surpassed Tether’s USDT in transaction volume, as pointed out by Visa, a globally recognized digital payments tech company.&nbsp; 
This data was made available through a collaboration with Allium Labs, which spearheaded the development of a unique stablecoin metric. Visa, a trusted name in the industry, has vouched for this metric’s accuracy, designed to provide a clear view of the stablecoin market dynamics, free from potential distortions caused by artificial inflationary practices or inorganic activities. 
Here’s an&nbsp;overview of the data streamlined by Visa’s stablecoin-specific metric that underscores USDC’s monumental achievement. 
<h2 id="span-data-preserver-spaces-true-usdc-reigns-supreme-despite-less-dominance-in-the-market-span">USDC Reigns Supreme Despite Less Dominance In The Market</h2> 
According to <a rel="nofollow" href="https://visaonchainanalytics.com/transactions" target="_blank">Visa’s data</a>, Circle’s USDC has not only gained significant traction in the market since its inception in 2018, but has also made a global impact since the beginning of 2024. Last week alone, USDC registered a staggering $456 billion in transaction volume, a figure that overshadows Tether’s USDT, which trailed behind at $89 billion, underlining the magnitude of USDC’s success. 
Notably, USDC has claimed a significant 50% share in total transactions since January this year. However, Visa, in partnership with Circle since 2020, has not yet provided insights into what caused the unprecedented surge in USDC usage. 
Intriguingly, these findings further stir speculations as Tether’s USDT is traditionally viewed as the leading stablecoin in the industry, boasting a 68% share of coins in circulation compared to USDC’s 20%, per DefiLlama. This comes primarily attributed to USDT’s holdings being more outside the U.S., whereas USDC is used in the U.S. as a transaction currency, Noelle Acheson, author of Crypto Is Macro Now, added. 
Also Read: <a href="https://coingape.com/bone-price-primed-rally-shiba-inu-executive-hints-shibaswap-goes-multi-chain/" target="_blank" rel="noopener">BONE Price Primed To Rally? Shiba Inu Executive Hints As ShibaSwap Goes Multi-Chain</a> 
<h2 id="span-data-preserver-spaces-true-circle-s-recent-development-span">Circle’s Recent Development</h2> 
Meanwhile, the <a href="https://coingape.com/usdc-stablecoin-growth-with-circle-and-coincheck-deal-in-japan/" target="_blank" rel="noopener">stablecoin issuer Circle</a> expanded its outreach to the Japanese market as of February this year. As a result of the collaboration with Coincheck Inc., the U.S.-based fintech ventured into the Japanese market, broadening the reach of the USD Coin (USDC). 
This further underscores USDC’s burgeoning adoption, setting it as a stablecoin pioneer globally. The token’s trading volume surged 12.45%, reaching $4.85 billion at press time. 
Also Read: <a href="https://coingape.com/binance-extends-support-sol-shib-xrp-ada-price-recovery-ahead/" target="_blank" rel="noopener">Binance Extends Support For SOL, SHIB, XRP, ADA, Price Recovery Ahead?</a> 
The post <a href="https://coingape.com/circles-usdc-overtakes-tether-usdt-in-transaction-volume-visa/">Circle’s USDC Overtakes Tether USDT In Transaction Volume: Visa</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Circle’s USDC Overtakes Tether USDT In Transaction Volume: Visa

Table of Contents

Coingape News Media

Other articles published on Apr 29, 2024

Robinhood Wallet Offers Free Cross-Chain Swaps

Tether’s USDT Maintains Strong Lead in Global Stablecoin Market

Ethereum Sees Lowest Gas Fee With Uncertainty for ETFs

SEC has regarded Ethereum as security for at least a year: report

Binance Faces Legal Challenges in Canada and the Philippines

Yuga Labs CEO Announces Layoffs, Focusing On ‘Getting Back To Roots’

Join our free newsletter for daily crypto updates!