Visa reveals that USDC outperforms USDT for stablecoin transactions.

Visa's stablecoin metric reveals that Circle's USD Coin (USDC) surpassed Tether (USDT) in trading volume last week.

Competition between stablecoins Tether (USDT) and USD Coin (USDC) is still fierce. Certainly, USDT retains its place as the largest stablecoin in the world in terms of market capitalization. However, Circle's crypto asset has just managed to surpass it in terms of trading volume.

Weekly trading volume of $455.51 billion for USDC

As Tether restructures to expand its business beyond stablecoins, its crypto is losing ground to Circle's. Indeed, USDT saw just $88.52 billion in trading volume last week, compared to USDC’s $455.51 billion. This data comes from payments giant Visa’s stablecoin metric, developed in collaboration with Allium Labs. They indicate that Circle USDC is currently the stablecoin market leader in terms of trading volume.

This increase in transactions recorded by Circle’s crypto comes after a difficult period. Indeed, the American banking crisis of last year disrupted the USDC market. As a reminder, Circle had revealed a $3.3 billion exposure to Silicon Valley Bank. This exposure led to a considerable drop in the circulation of the stablecoin. This had fallen from $56 billion to $23 billion in December 2023, before rebounding to $32.8 billion.