Stablecoins have emerged as essential bridges between traditional currencies and blockchain-based systems. Among them, Circle’s (NYSE:CRCL) USDC and Tether’s USDT have long competed for dominance as leading USD-pegged tokens. Recent data compiled through Visa’s (NYSE: V) on-chain analytics now indicates that USDC is making significant strides, appearing to surpass USDT in key measures of transaction activity.
Stablecoins function as digital representations of fiat currencies, typically backed by reserves to maintain a stable value.
They enable fast, low-cost transfers, trading on decentralized platforms, remittances, and integration with traditional payment networks.
USDT, issued by Tether, established an early lead with broad adoption across emerging markets and high-volume chains like Tron.
USDC, from Circle, has differentiated itself through greater emphasis on regulatory compliance, regular attestations of reserves, and partnerships with established financial institutions.
Visa’s analysis, developed in collaboration with data provider Allium Labs, offers a clearer picture by applying adjusted metrics.
These filters remove distortions from inorganic activity—such as automated bots, wash trading, or internal exchange movements—to better reflect genuine user-driven usage across major blockchains.
This approach helps isolate organic transaction patterns in a sector prone to inflated figures.
According to insights drawn from this framework, USDC overtook USDT in monthly transaction counts during 2024.
In April of that year, for instance, USDC processed roughly 166.6 million transactions compared to USDT’s 163.6 million.
This crossover built on earlier momentum, with USDC first edging ahead in December 2023.
The shift highlights growing activity on networks favored by USDC, including Ethereum, Solana, and Base, where higher-value or retail-oriented transfers often occur.
Several factors appear to support USDC’s momentum.
Circle’s focus on transparency and compliance has attracted institutional interest and integrations with payment processors.
Visa itself has expanded stablecoin capabilities, including settlement pilots that reached billions in annualized volume and later extended USDC settlement options to US financial institutions.
These developments underscore how established networks are incorporating blockchain rails for efficiency in cross-border and on-chain payments.The implications extend beyond issuer rivalry.
Greater USDC transaction share could signal shifting preferences among users and businesses seeking reliable, regulated digital dollars. It may also intensify competition, prompting issuers to enhance features like speed, cost, and accessibility.
Meanwhile, the broader stablecoin ecosystem continues expanding, with total activity representing trillions in cumulative volume and playing an increasing role alongside traditional systems like card networks.
Visa’s public dashboard provides ongoing visibility into these trends, tracking supply, transfers, and adjusted volumes across multiple chains.
While raw unadjusted data still shows variation by blockchain—with USDT prominent on certain high-throughput networks—the adjusted lens reveals meaningful changes in organic engagement.
This development reflects the maturation of on-chain finance. As more participants—from individuals to institutions—adopt stablecoins for everyday and strategic uses, leadership in transaction activity offers a window into real-world utility. USDC’s progress, as captured in Visa’s data, suggests the competitive landscape is dynamic and responsive to quality, compliance, and ecosystem integration.