According to PANews, data compiled by Visa Inc. reveals that Circle Internet Financial's stablecoin has surpassed Tether in trading volume this year, establishing itself as the market leader. Visa, in collaboration with Allium Labs, has launched an adjusted stablecoin index on its new dashboard website. The index aims to reflect the state of the stablecoin market and minimize any 'potential distortions' that could arise from non-organic activities and other artificial inflationary behaviors.
Since the beginning of 2024, Circle's USDC has been gaining market share, with last week's trading volume reaching $456 billion, compared to Tether's USDT trading volume of $89 billion. Since January, USDC has also accounted for 50% of the total trading volume. Visa established a partnership with Circle in 2020 but did not provide an explanation for the increase in USDC usage.
Data from DefiLlama shows that these results exceeded expectations, as Tether's USDT held 68% of the circulating coin share, while USDC held 20%, and was generally considered the dominant stablecoin in the industry.
