Visa: Circle’s USDC leads in stablecoin trading volume

PANews reported on April 29 that according to data compiled by Visa Inc., Circle Internet Financial's stablecoin has surpassed Tether in terms of trading volume this year and become the market leader. Visa said on the new dashboard website that the adjusted stablecoin index launched by Visa in cooperation with Allium Labs is designed to reflect the state of the stablecoin market and reduce any "potential distortions" that may be generated by non-organic activities and other artificial inflationary behaviors. Data shows that since the beginning of 2024, Circle's USDC has been grabbing market share, with trading volume reaching $456 billion last week, while Tether's USDT trading volume was $89 billion. USDC has also accounted for 50% of total trading volume since January. Visa established a partnership with Circle in 2020, but did not explain the reason for the increase in USDC usage. DefiLlama data shows that this result exceeded expectations, because Tether's USDT accounts for 68% of the circulating currency share, while USDC accounts for 20%, so it is generally regarded as the dominant stablecoin in the industry.