Circle’s USDC Takes Lead in Stablecoin Transactions, Visa Says

Circle Internet Financial’s stablecoin has this year overtaken Tether’s as the market leader in transaction volume, according to data compiled by Visa Inc.

Visa’s adjusted stablecoin metric, which it produced in partnership with Allium Labs, aims to reflect the state of the stablecoin market less any “potential distortions that can arise from inorganic activity and other artificial inflationary practices,” the company said on the new dashboard’s website.

The data shows Circle’s USDC eating up market share since the start of 2024, recording $456 billion in transaction volume last week compared with $89 billion for Tether’s USDT. USDC also ...