In a notable development in the stablecoin arena, Circle's USDC (CRYPTO:USDC) has edged out Tether's USDT (CRYPTO:USDT) in terms of transaction counts, marking a significant milestone.
Despite this, USDT continues to dominate the stablecoin market, holding over 68% of the market share.
A surprising shift occurred when USDC recorded 166.6 million transactions in April 2024, surpassing USDT's transaction count of 163.6 million for the same period.
This data, provided by Visa's on-chain analytics, highlights USDC's ascending trajectory in stablecoin transaction dominance. This trend began taking shape at the end of the previous year, with USDC overtaking USDT for the first time in December 2023.
At that time, USDC saw 145 million transactions, higher than USDT's 127 million, showcasing the shifting dynamics within the stablecoin market.
The increasing transaction count of USDC reflects a growing preference and trust in its stability and utility among users, marking a notable change in user behavior and market dynamics in the digital currency space.