The stablecoin USD Coin (USDC) from Circle has exceeded Tether (USDT) in terms of monthly transactions. In April 2024, the number of USDC transactions reached 166.6 million, surpassing USDT's total. Since the end of 2023, USDC has been steadily gaining ground in the stablecoin transaction industry according to Visa's on-chain analytics.

Despite Tether's dominance in the stablecoin market with a market value of over $110 billion, this shift has surprised industry observers. Tether's market cap is more than three times that of Circle's USDC, which currently stands at $33.5 billion as per CoinMarketCap.

While Tether remains the leading stablecoin, with over 34.2 million unique wallets compared to USDC's 9.57 million in April 2024, there were 27.3 million unique users and 21.4 million unique addresses sending and receiving stablecoins in the last 30 days. Visa's stablecoin analytics dashboard shows that in the same period, the four stablecoins being monitored totalled 352 million transactions amounting to over $2.3 trillion, across nine blockchains.

In an effort to provide easily accessible data on stablecoins and reduce market noise, Visa introduced its stablecoin analytics dashboard in April.