Circle’s stablecoin has surpassed USDT in transaction volume, making it the market leader in this dynamic field. According to data from Visa and Allium Labs, USD Coin (USDC) has seen a transaction volume of $455.5 billion, while USDT only reached $88.5 billion in the recent week.

Since the beginning of 2024, USDC has accounted for around 50% of the total volume of transfers in the stablecoin market. This marks a significant shift as USDT, the leading stablecoin by capitalization, has traditionally held the top spot. However, recent data suggests a changing user sentiment towards USDC.

According to cryptocurrency analyst Noelle Acheson, the shift in power could be attributed to the different use cases of USDT and USDC. USDT is predominantly used outside the U.S. as a dollar-based store of value, while USDC is gaining popularity within the country for regular transactions.

Last week, online payments leader Stripe reintroduced cryptocurrency transfers, now accepting USDC on networks like Solana, Ethereum, and Polygon. In addition, Circle, the issuer of USDC, has partnered with asset manager BlackRock to launch its first tokenized fund. This collaboration allows clients to convert BUIDL into USDC on the secondary market.

These developments indicate a growing preference for USDC over USDT in the stablecoin market. Stay tuned for more updates on the latest trends and advancements in the cryptocurrency space on Global Crypto News.

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