Stablecoin

Impact

April

USDC

Coin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/usd-coin-overtakes-tether-in-stablecoin-transaction-count" rel="noopener noreferrer nofollow">USD Coin Overtakes Tether in Stablecoin Transaction Count</a><br></p>
<p style="text-align: justify">In a significant shift within the <a href="https://en.bitcoinhaber.net/paypals-pyusd-stablecoin-ventures-into-defi-seeking-competitive-edge" rel="noopener noreferrer nofollow">cryptocurrency</a> market, Circle’s USD Coin (USDC) has recently surpassed <a href="https://en.bitcoinhaber.net/okx-exchange-eliminates-tether-pairings-in-european-markets" rel="noopener noreferrer nofollow">Tether</a> (<a href="https://en.bitcoinhaber.net/stablecoin-market-rallies-with-record-high-usdt-valuation" rel="noopener noreferrer nofollow">USDT</a>) in terms of monthly stablecoin transactions. According to the latest data from Visa, USDC achieved 166.6 million transactions in April 2024, edging out Tether’s 163.6 million. This development marks a milestone for USDC, which had been trailing behind Tether, the dominant player in the stablecoin space.</p>
<h2 id="usdc-s-rising-transaction-volume">USDC’s Rising Transaction Volume</h2>
<p style="text-align: justify">Since late 2023, USDC has seen a steady increase in its transaction volume. December 2023 was the first instance where USDC’s transactions, totaling 145 million, exceeded those of USDT, which were 127 million at the time. This trend underscores the growing user confidence and adoption of USDC in the competitive stablecoin market.</p>
<p style="text-align: justify">Despite Tether’s substantial market valuation, which exceeds $110 billion and represents over 68% of the overall stablecoin market share, USDC’s recent surge in transaction volume has been unexpected. Tether’s market size is notably three times larger than that of USDC, which is valued at approximately $33.5 billion.</p>
<h2 id="user-base-and-market-impact">User Base and Market Impact</h2>
<p style="text-align: justify">While USDC is making strides in transaction volumes, it still lags behind Tether in terms of the total number of users. In April 2024, Tether was utilized by over 34.2 million unique wallets, significantly higher than USDC’s 9.57 million users. This discrepancy highlights the challenges USDC faces despite its recent successes in transaction volumes.</p>
<h2 id="inferences-from-this-article">Inferences from this Article</h2>
<ul>
 <li>USDC’s transaction growth suggests a strong market trust and widening acceptance among cryptocurrency users.</li>
 <li>The significant difference in user numbers between USDT and USDC indicates potential growth areas for USDC.</li>
 <li>Despite Tether’s larger market share, the increasing transactions of USDC could shift market dynamics over time.</li>
</ul>
<p style="text-align: justify">Visa’s introduction of a stablecoin analysis dashboard in April 2024 has also played a crucial role in demystifying stablecoin usage across multiple blockchain networks. This tool has enabled a clearer understanding of market trends and has been well-received by both analysts and investors. The total market value of stablecoins now stands at over $161 billion, accounting for about 6.63% of the entire $2.43 trillion cryptocurrency market, highlighting the essential role of stablecoins in the digital currency ecosystem.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/usd-coin-overtakes-tether-in-stablecoin-transaction-count" rel="noopener noreferrer nofollow">USD Coin Overtakes Tether in Stablecoin Transaction Count</a></h5>

USD Coin Overtakes Tether in Stablecoin Transaction Count

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