According to popular payment merchant Visa, Circle’s dollar-pegged stablecoin, USDC recorded more transactions than USDT in April. As revealed, in April, USDC surpassed its counterpart, USDT in terms of transactions. In the report, Visa stated that USDC recorded 166.6 million transactions in April 2024.
The reported figure for USDC placed it ahead of USDT which recorded 163.6 million transactions during the month. Consequently, the reports underline how USDC is eating up the stablecoin transaction market share. Since late last year, USDC has been putting up a fight to limit the dominance of USDT in the stablecoin market.
Around December 2023, on-chain analytics carried out by Visa established how USDC saw more transactions during the month than its rival. During the month, the token recorded 145 million transactions while USDT saw 127 million transactions. More so, the voluminous transaction recorded by USDC during December 2023 makes it the first time the token will see more transactions than USDT.
While achieving the feat again in April 2024, USDT remains the leading force in the stablecoin landscape. Aside from having a huge market share, during the month, USDT has more active users. According to data provided by Visa, more than 34.2 million unique users used USDT while only 9.57 unique wallets used USDC.
How USDP and PYUSD Performed in April
It is worth mentioning that Visa also tracked other stablecoins. In the report, the payment merchant also reported the transactional performance of top stablecoins like USDP and PYUSD. In the report, the two stablecoins recorded more than 352 million transactions worth $2.3 trillion in April.
The performance of the stablecoins in April surfaced as part of Visa’s effort to offer simple data of USDT, USDC, USDP, and PYUSD across nine blockchain networks. With the data, Visa intends to provide stablecoin users with simple and up-to-date data about the four tokens.
How USDT Continued to Dominate the Stablecoin Market
However, USDT remains the dominant token in the stablecoin market despite the rising transaction count of USDC. According to CoinMaketcap, USDT has a market cap worth more than $110 billion. With such enormous value, the token accounts for more than 69% of the entire value of the stablecoin market.
In terms of total users, Circle’s stablecoin is still far behind Tether’s user count. USDT was used by over 34.2 million unique wallets in April 2024, while Circle’s USDC only saw 9.57 million unique users. Considering this figure, USDT is about three times bigger than USDC which has a market cap of just $33.5 billion.
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