The stablecoin USDC has overtaken the segment leader, Tether’s USDT, in the number of monthly transactions, analysts at Visa have observed.
According to their data, in April 2024, there were 166.6 million transactions in USDC compared to 163.6 million in USDT. The stablecoin from the Centre consortium first pulled ahead in December 2023, with 145 million monthly transactions against its competitor’s 127 million.
At the time of writing, USDT remains the largest stablecoin with a market capitalization of $110.3 billion. USDC’s figure stands at $33.4 billion.
In terms of the total number of users, USDC still lags significantly behind USDT. In April, the former was used by 9.57 million unique addresses, while the latter had more than 34.2 million.
Meanwhile, Nansen noted that transaction volumes in USDT, USDC, and DAI over the past 30 days have exceeded Visa’s average monthly figure for 2023, reports The Block.
On April 19, the combined market value of dollar-pegged stablecoins rose to $165.2 billion, a level last seen in June 2022.