The USDC transaction volume has surpassed that of USDT, reaching 166.6 million transactions in a month. Since the end of 2023, USDC has been steadily gaining market share in the stablecoin industry. It is interesting to note that Circle’s USD Coin has overtaken Tether in terms of stablecoin transactions. According to Visa’s on-chain analytics, in April 2024, USDC had 166.6 million transactions, surpassing USDT’s monthly total. Since December 2023, USDC has consistently outperformed USDT, with 145 million transactions compared to 127 million transactions. However, Tether still dominates the stablecoin market with a market value of over $110 billion and more than 68% market share. In contrast, Circle’s USDC is valued at $33.5 billion. Despite the transaction volume, the number of people using USDC is significantly lower than those using USDT. In April 2024, USDC had 9.57 million unique users, while USDT had over 34.2 million unique wallets. Visa’s stablecoin analytics dashboard reveals that in the last 30 days, there were 27.3 million unique users and 21.4 million unique addresses involved in stablecoin transactions. The four stablecoins monitored by Visa, including USDP, PYUSD, USDP, and USDP, recorded a total of 352 million transactions, amounting to over $2.3 trillion. Visa introduced its stablecoin analytics dashboard in April, aiming to provide easily understandable statistics on four stablecoins across nine blockchains while minimizing market noise.
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