Circle's USDC Overtakes Tether in Stablecoin Volume, Visa Data Shows
New Visa data reveals USDC is pulling ahead of Tether in stablecoin transaction volume, marking a notable shift in the crypto payments landscape.
Circle's USDC stablecoin is outpacing rival Tether in transaction volume, according to fresh data released by Visa, signaling a significant realignment in the competitive stablecoin market. The figures suggest that USDC, long considered the runner-up to Tether's dominant market capitalization position, is winning where it matters most for payments utility: actual on-chain throughput.
Visa's data adds institutional credibility to the narrative that stablecoin adoption is maturing beyond simple asset holding. While Tether's USDT has historically commanded the largest share of stablecoin market capitalization, volume metrics tell a different story about which token is being used most actively for transactions — a distinction that carries weight for merchants, payment processors, and regulators alike.
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The development is a meaningful milestone for Circle, which has aggressively pursued regulatory clarity and banking partnerships as part of its strategy to position USDC as the compliance-friendly stablecoin of choice. That approach appears to be paying off in real-world usage, with transaction volume emerging as a key battleground as the stablecoin sector draws increasing scrutiny from Washington and global financial regulators.
For the broader crypto ecosystem, the shift underscores how stablecoins are evolving from speculative tools into functional payment infrastructure. Analysts have noted that volume — not just market cap — is the more relevant metric for evaluating a stablecoin's role in commerce and cross-border transfers, giving USDC's lead additional significance.
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