As a researcher with a background in blockchain technology and stablecoins, I find the recent data released by Visa on Circle Internet Financial’s USDC outperforming Tether’s USDT in transaction volume to be an intriguing development. The accuracy of this metric has been vouched for by Visa, a globally recognized digital payments tech company, and Allium Labs, which spearheaded its development.
USDC, the stablecoin offered by Circle Internet Financial, has made a notable advancement in the stablecoin sector. According to Visa, a renowned global leader in digital payment technology, USDC’s transaction volume now exceeds that of Tether’s USDT.
As an analyst, I’ve had the opportunity to work with data provided by Allium Labs, who spearheaded the creation of a distinctive metric for stablecoins. Visa, a reputable industry player, has endorsed this metric’s accuracy. Its primary goal is to deliver a transparent understanding of the stablecoin market landscape, unaltered by potential distortions caused by artificial inflation or unnatural activities.
As a researcher examining Visa’s data, I’d like to highlight the streamlined overview I’ve uncovered, which showcases USDC’s impressive accomplishment using Visa’s stablecoin-centric metric.
USDC Reigns Supreme Despite Less Dominance In The Market
As an analyst, I’ve examined Visa’s data and found that Circle’s US Dollar Coin (USDC) has experienced remarkable growth in the market since its launch in 2018. Its influence expanded significantly starting from early 2024. Last week alone, USDC recorded a phenomenal transaction volume of $456 billion, which dwarfed Tether’s US Dollar Tether (USDT) that registered only $89 billion during the same period. This disparity underscores the impressive scale of USDC’s success.
Significantly, USDC has accounted for approximately half of all transactions since the beginning of this year. Yet, Visa, which teamed up with Circle since 2020, has remained silent on the reasons behind the unexpected rise in USDC activity.
Fascinatingly, recent discoveries have fueled further debate as Tether’s USDT, considered the dominant stablecoin in the market with a 68% circulation share over USDC’s 20%, according to DefiLlama. This disparity is mainly due to the fact that most USDT holdings reside outside the U.S., whereas USDC is more commonly used for transactions within the U.S., as explained by Noelle Acheson, author of Crypto Is Macro Now.
Circle’s Recent Development
Circle, the stablecoin issuer based in the United States, began collaborating with Coincheck Inc. in February this year. This partnership enabled Circle to enter the Japanese market, thereby increasing the accessibility of their USD Coin (USDC) within Japan.
The surge in trading volume for USDC, amounting to a 12.45% increase, highlights its growing popularity as a leading stablecoin worldwide, with a total of $4.85 billion traded as of the present moment.
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2024-04-29 13:59