 ▲ Tether (USDT), USD Coin (USDC), U.S. Dollar (USD) / ChatGPT-generated image |
USDC has surpassed Tether (USDT), the traditional powerhouse of the stablecoin market, in terms of transaction volume, marking a new milestone in the digital asset market.
According to a March 7 (local time) report by Cointelegraph, USDC’s transfer volume exceeded $1.8 trillion, reaching a record high. Based on the stablecoin dashboard jointly developed by Visa and blockchain data analytics firm Allium Labs, USDC ranked first in transaction volume over the past 30 days, narrowly surpassing Tether. Although Tether still overwhelmingly leads the overall stablecoin market capitalization, USDC’s utilization in actual fund transfers and payments has been rising sharply.
Cuy Sheffield, Head of Crypto at Visa, stated, “The data shows that stablecoins are solidifying their position as payment infrastructure beyond being merely investment vehicles.” Sheffield explained that USDC has established itself as a trusted payment method, particularly within the decentralized finance (DeFi) ecosystem and among institutional investors. Circle’s strategy of emphasizing regulatory compliance and transparency has been credited with creating a favorable environment for liquidity supply and large-scale fund transfers.
Stepan Kwan, co-founder of Allium Labs, also highlighted USDC’s advantage in terms of transaction quality. Kwan noted, “After analyzing real effective transaction volume excluding automated program trades and wash trading, USDC is playing a key role in high-value payments and inter-institutional settlements.” While Tether leads in the total number of transactions due to a high volume of small payments, USDC appears to be taking market leadership in terms of total transaction value.
Backed by its one-to-one peg with the U.S. dollar, USDC is expanding its influence in the global remittance and payments market. The explosive growth in stablecoin transfer volume suggests that the integration of traditional financial systems with blockchain networks is accelerating. The fact that Visa, a major payment network, has begun officially aggregating and analyzing stablecoin data demonstrates that digital assets are being incorporated into key indicators of the institutional financial system.
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