Circle's USDC Takes Lead in Stablecoin Transactions, Visa Says [BNN Bloomberg (Canada)]
First Citizens BancShares, Inc. - Class A (FCNCA)
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Source: BNN Bloomberg
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 accounted for 50% of total transactions since January. Visa, which partnered with Circle in 2020, didn't explain what prompted the uptick in USDC usage. The findings defy expectations, as Tether's USDT is routinely presented as the industry's dominant stablecoin thanks to a 68% share of coins in circulation relative to USDC's 20%, DefiLlama data shows. Noelle Acheson, author of the Crypto Is Macro Now newsletter, said that “USDT is more held outside the US as a dollar-based store of value, while t
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FCNCA
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FCNCA
Sec Filings
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- 5/7/24 - Form 4
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