Circle's USDC Surpasses Tether in Stablecoin Volume, Visa Data Shows
New Visa data reveals USDC has overtaken Tether in stablecoin transaction volume, marking a significant shift in the digital dollar landscape.
Circle's USDC stablecoin has pulled ahead of Tether in transaction volume, according to new data published by Visa, signaling a potentially decisive turn in the competitive stablecoin market. The figures represent a notable milestone for Circle, whose dollar-pegged token has long trailed Tether's dominant USDT in nearly every key metric since the stablecoin era began.
Visa's data offers a rare institutional-grade window into how stablecoins are actually being used for payments and transfers at scale. The payment giant has increasingly positioned itself as a credible tracker of on-chain commerce, making its findings particularly significant for analysts watching the stablecoin sector evolve beyond speculative trading into real-world utility.
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The shift in volume leadership carries meaningful implications for the broader crypto ecosystem. USDC, issued by Circle and governed under stricter US regulatory compliance standards, has often been favored by institutional players and fintech firms seeking a more transparent, audited alternative to Tether. A sustained volume lead could reinforce that preference and attract further enterprise adoption.
Tether has historically dominated stablecoin market capitalization, and market cap rankings have not yet reflected a reversal. But volume — the actual flow of transactions — can be a more telling indicator of day-to-day utility and user trust, analysts note. If the volume trend holds, it could reshape how exchanges, payment processors, and DeFi platforms prioritize liquidity pairs and settlement rails going forward.
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