According to data compiled by banking giant Visa, Tether (USDT) has fallen behind.
According to data compiled by banking giant Visa, Circle’s stablecoin USDC has overtaken Tether (USDT) in transaction volume this year..
The data shows that Circle’s USDC has gained market share since the start of 2024, recording a transaction volume of $456 billion last week, compared to $89 billion for Tether.
USDC has also accounted for 50% of all transactions since January. Visa did not explain what has driven the increased use of USDC.
Visa previously partnered with Circle in 2020
Noelle Acheson, author of Crypto Is Macro Now, said USDT is held more outside the United States as a dollar-denominated store of value, while USDC is used as a transactional currency in the United States. That could explain the findings.
