USDC Overtakes Tether in Stablecoin Volume, Visa Data Shows
Circle's USDC is pulling ahead of Tether in transaction volume, according to fresh data from Visa's stablecoin analytics.
The stablecoin wars just got a new scoreboard. Visa's latest data shows Circle's USDC is outpacing Tether in raw transaction volume — a major shift in a market where Tether has long been the undisputed heavyweight by market cap.
Volume tells a different story than supply. Tether still holds a commanding lead in total tokens in circulation, but USDC is moving more money on a transactional basis. That gap matters if you're thinking about where real utility — payments, DeFi flows, and institutional settlement — is actually happening.
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Visa stepping in as a data source here is worth noting on its own. The payments giant has been building out stablecoin analytics infrastructure, signaling that traditional finance is watching on-chain dollar flows with serious intent. When Visa runs the numbers, Wall Street listens.
For traders, this is a signal worth tracking. A stablecoin that wins on volume tends to win on integration next — more protocols, more exchanges, more liquidity pairs routing through it. USDC's regulatory-friendly posture under Circle also makes it the cleaner bet if U.S. crypto legislation starts taking shape this year.
The momentum is clearly shifting. Whether USDC can hold this lead or Tether responds by deepening its own utility footprint is the next chapter. Continue reading at CoinDesk.
