USDC Overtakes Tether in Stablecoin Volume, Visa Data Shows
Circle's USDC is pulling ahead of Tether in transaction volume, according to fresh data from Visa's stablecoin analytics.
If you've been watching the stablecoin wars, here's a plot twist worth trading around: USDC is beating Tether where it counts — actual transaction volume. New data from Visa shows Circle's dollar-pegged token is leaving USDT in the dust when it comes to real-world payment flows.
This isn't just a bragging-rights moment. Volume leadership signals which stablecoin is winning adoption among merchants, payment processors, and on-chain settlement networks. When Visa — the company that processes trillions in global payments — starts tracking your stablecoin metrics, you've crossed from crypto niche into mainstream financial infrastructure.
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Tether has long dominated on raw market cap and issuance, but market cap doesn't tell you how hard a token is actually working. Velocity matters. USDC moving more dollars through the system suggests Circle is capturing the transactional use case — the utility that regulators and institutional partners care most about.
For traders, this shift has real implications. A more dominant USDC could accelerate institutional inflows into Circle-adjacent ecosystems, boost demand on compliant exchanges, and sharpen the regulatory contrast between the two issuers. Circle has leaned hard into transparency and compliance — and that pitch is apparently landing.
Watch this metric. Stablecoin volume leadership tends to be sticky once network effects kick in, and Visa's data suggests the momentum is clearly with USDC right now. Continue reading at CoinDesk.
