Visa Confirmed: USDC - Leader Among Stablecoins
Date: 2024-04-30 Author: Henry Casey Categories: CRYPTO PAYMENTS
USDC transaction volume surpassed an astonishing $1.69 trillion in April, putting competitive pressure on other stablecoins, including USDT. Visa notes that Circle's stablecoin has become the absolute leader in the market.
Visa Data Analysis
The Visa analytics platform, developed in collaboration with Allium Labs, has provided data confirming USDC dominance in April 2024. Between April 22 and April 28, USDC transaction volume amounted to $455.51 billion, surpassing even USDT.
Increase in Transactions on Solana and Ethereum
With the increasing number of USDC transactions on the Solana and Ethereum networks, Visa confirms the growing popularity of this stablecoin. The addition of USDC settlement to Solana in September 2023 contributed to a significant increase in transaction volume in this ecosystem.
The Role of USDC and USDT
USDT, while still dominant in the segment, is used primarily for storing value, while USDC is popular in the US and actively participates in micro-level settlements, according to analysts.
USDT Dominance Statistics
According to DeFiLlama, USDT has a 77.17% share of the stablecoin market, however, as Visa notes, a significant portion of transactions with this stablecoin may be inorganic. This highlights the importance and significance of the growth of USDC and its active use in the market.
