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Is USDC Surpassing USDT in the Stablecoin Market?

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by Daisy Brown
May 1, 2024
Image Credit: Unsplash
Is USDC Surpassing USDT in the Stablecoin Market?

For many years, Tether’s USDT has been the stablecoin of choice in the cryptocurrency market, enjoying a formidable market share. Emerging as the third-largest cryptocurrency by market capitalization, USDT was valued at $110.64 billion and commanded a 69% slice of the stablecoin market landscape. However, recent developments indicate that a substantial shift is underway. Circle’s USDC, once the underdog in comparison to USDT’s might, is witnessing a transaction volume on a brisk upward trajectory, signaling a potential change in the stablecoin hierarchy.

This shift isn’t a mere blip on the radar but represents a robust trend, as data since January reveals. According to a metric by Visa and Allium Labs, USDC’s transaction volume has surged to a groundbreaking $456 billion. Yes, you read that right—USDC is outpacing USDT, which logged a transaction volume of $89 billion over the same period. The new metric introduced by Visa aims to cut through the noise and discount activities that could artificially inflate numbers to provide a truer representation of the state of affairs in the stablecoin domain.

The Underlying Reasons for the Shift

Tether’s USDT has long reigned supreme in the stablecoin arena, boasting a whopping 69% market share and a colossal market cap of $110.64 billion, making it the third-largest cryptocurrency. Lately, however, a challenger has been making waves. Circle’s USDC is rapidly gaining ground with a notable surge in transaction volume that hints at a possible upset in the stablecoin balance of power.

Since January, USDC has clocked an impressive $456 billion in transactions, leapfrogging the $89 billion recorded by USDT, based on metrics provided by Visa and Allium Labs. This measurement method was crafted to more accurately reflect true market activity by filtering out potentially misleading data that could skew perceptions of stablecoin usage.

This significant uptick in USDC’s transaction volume could suggest a shift in user preference and has implications for the future hierarchy within the stablecoin market. The torch of the stablecoin giant may soon be passing, with USDC nipping at the heels of the long-standing frontrunner, USDT.

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