As a researcher with a background in blockchain technology and stablecoins, I find the recent development between Circle’s USD Coin (USDC) and Tether’s (USDT) in terms of stablecoin transactions to be quite intriguing. USDC surpassed USDT in monthly transactions for the first time, according to Visa’s on-chain analytics data. This is a significant shift, given that Tether has been the undisputed leader in the stablecoin market with a market capitalization of over $110 billion and accounting for over 68% of total stablecoin market share.
As a researcher studying the cryptocurrency market, I was taken aback by the recent development where Circle’s USD Coin (USDC) has surpassed Tether’s (USDT) in terms of transaction volume for stablecoins. This shift is noteworthy given USDT’s long-held dominance in this sector.
In April 2024, USDC recorded approximately 166.6 million transactions, surpassing USDT’s 163.6 million monthly transaction volume, as indicated in data analyzed by Visa’s on-chain analytics team.
Since late 2020, USDC has been steadily gaining ground in the stablecoin transaction market. By December 2023, the number of USDC transactions reached 145 million per month, surpassing USDT’s 127 million transactions for the first time, as reported by Visa.
As a researcher studying the cryptocurrency market, I find it noteworthy that Tether’s recent development has taken industry insiders by surprise. With a market capitalization exceeding $110 billion and controlling approximately 68% of the entire stablecoin market share, Tether holds an undeniable dominant position in this sector.
With a market value surpassing $33.5 billion as of CoinMarketCap’s latest report, Tether’s stablecoin is now over three times bigger than Circle’s USDC in terms of worth.
CryptoMoon has contacted Tether for comment.
When it comes to the number of individual users, Circle’s stablecoin USDC lags significantly behind Tether’s USDT. In the month of April 2024, over 34.2 million distinct wallets were reportedly used with Tether, whereas Circle’s USDC had only about 9.57 million unique users.
Approximately 27.3 million distinct individuals used stablecoins, and over 21.4 million unique addresses sent transactions involving stablecoins during the last month.
Over the past month, the four stablecoins monitored by Visa, including USDP (Paxos dollar) and PYUSD (PayPal USD), collectively processed over $2.3 trillion in transactions across approximately 352 million individual transactions, based on Visa’s data.
As a crypto investor, I’m always on the lookout for reliable and user-friendly tools to help me make informed decisions about my investments in stablecoins. In April, Visa made my life easier by introducing their stablecoin analytics dashboard. This innovative tool is designed to navigate through the complex world of stablecoins and blockchains, providing clear and digestible data on four key stablecoins across nine different blockchain networks. By doing so, it effectively filters out the noise, allowing me to focus on the information that truly matters for my investment strategy.
Trading in cryptocurrencies can be facilitated efficiently with the help of stablecoins, which currently hold a market capitalization exceeding $161 billion or approximately 6.63% of the overall crypto market cap valued at $2.43 trillion, as indicated by CoinGecko statistics.
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2024-04-29 16:35