USDC Pulls Ahead of Tether in Stablecoin Volume, Visa Data Shows
New Visa data suggests Circle's USDC is outpacing Tether in transaction volume, a notable shift in the stablecoin landscape.
If you've been following the stablecoin wars, here's a plot twist worth paying attention to: Circle's USDC appears to be leaving Tether — long the undisputed heavyweight of the stablecoin world — in the dust when it comes to actual transaction volume. That's according to fresh data from Visa, which has been tracking on-chain stablecoin activity.
For context, stablecoins are cryptocurrencies pegged to a stable asset like the US dollar, designed to avoid the wild price swings you normally associate with crypto. Tether (USDT) has dominated this space for years, consistently holding the largest market cap among stablecoins. But market cap and transaction volume are two very different scorecards — and on the volume front, USDC is apparently making a serious run.
Read more DRAM Prices Could Plunge Up to 90% Within Three Years →
Visa's data signals a meaningful shift in how these digital dollars are actually being used day-to-day. Volume metrics reflect real-world utility — money moving between wallets, crossing borders, settling trades — so USDC pulling ahead suggests it's gaining traction where it arguably matters most: actual usage rather than just being held.
This development could have broader implications for the stablecoin market. Circle has leaned heavily into regulatory compliance and transparency, publishing regular attestations of its reserves, which may be resonating with institutional users who need that kind of assurance. Whether this volume lead translates into a lasting competitive advantage, or whether Tether finds a way to respond, remains to be seen — but the gap appears to be real and growing.
Continue reading at CoinDesk.
