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Circle’s&nbsp;stablecoin has overtaken USDT to become the market leader in&nbsp;transaction volume. 
Circle’s&nbsp;USD Coin (<a href="https://crypto.news/price/usd-coin/" target="_blank" rel="">USDC</a>) <a href="https://visaonchainanalytics.com/transactions" target="_blank" rel="">has surpassed</a> its largest competitor, Tether (<a href="https://crypto.news/price/tether/" target="_blank" rel="">USDT</a>), in transaction volume this year, according to data from payment giant Visa and blockchain analytics platform Allium Labs. 
Visa metrics show that USDC transaction volume was $455.5 billion last week, as USDT barely exceeded $88.5 billion. 
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 <picture loading="lazy" decoding="async" class="wp-image-14269135"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/04/Screenshot-2024-04-29-at-19.13.02-1024x588.png.webp"> 
 <img loading="lazy" decoding="async" width="1024" height="588" src="https://crypto.news/app/uploads/2024/04/Screenshot-2024-04-29-at-19.13.02-1024x588.png" alt="USDC overtakes USDT to become transaction volume market leader - 29"> 
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 Source: <a href="https://visaonchainanalytics.com/transactions" target="_blank" rel="">Visa</a>
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Since the beginning of 2024, USD Coin has accounted for about 50% of the total volume of transfers in the stablecoin market.&nbsp;Previously, the leading position&nbsp;was&nbsp;always&nbsp;occupied&nbsp;by USDT, the&nbsp;largest&nbsp;stablecoin by capitalization. According to&nbsp;<a href="https://crypto.news/tag/DefiLlama/" target="_blank" rel="">DefiLlama</a>, the market share of Tether’s stablecoin is estimated at 69%. However, USDC performance hints at a possible shift in user sentiment. 
As <a href="https://www.bloomberg.com/news/articles/2024-04-29/circle-s-usdc-takes-lead-in-stablecoin-transactions-visa-says" target="_blank" rel="">Bloomberg</a> writes, citing cryptocurrency analyst Noelle Acheson,&nbsp;the change in the balance of power may be explained by the fact that USDT is used more outside the U.S. as a dollar store of value, while&nbsp;USDC&nbsp;is used&nbsp;in the country for regular transactions. 
<blockquote class="wp-block-quote"> 
 “USDT is more held outside the US as a dollar-based store of value, while the USDC is used in the US as a transaction currency.” <cite>Noelle Acheson, cryptocurrency analyst</cite>
</blockquote> 
Last week, Stripe, the online payments leader, <a href="https://crypto.news/stripe-reintroduces-crypto-payments-via-usdc-stablecoin/" target="_blank" rel="">reintroduced</a> cryptocurrency transfers. The platform began accepting USDC on three networks: Solana, Ethereum, and Polygon. 
Additionally, issuer <a href="https://crypto.news/tag/Circle/" target="_blank" rel="">Circle</a> has also&nbsp;joined&nbsp;the&nbsp;largest&nbsp;asset manager, <a href="https://crypto.news/tag/BlackRock/" target="_blank" rel="">BlackRock</a>. The latter <a href="https://crypto.news/circle-usdc-swap-blackrock/" target="_blank" rel="">launched</a> its first tokenized fund at the end of March.&nbsp;With the&nbsp;cooperation of the companies, the fund’s clients could&nbsp;convert BUIDL into USDC on the secondary market. 
 You might also like: <a href="https://crypto.news/jeremy-allaire-offers-new-insights-into-usdc-expansion-at-token2049/" rel=""> Jeremy Allaire offers new insights into USDC expansion at Token2049 </a>

USDC overtakes USDT to become transaction volume market leader

crypto.news

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