Tether still holds more cash, but Circle’s USDC is now moving more of crypto’s money

Circle’s USDC has overtaken Tether’s USDT in transfer volume, marking a significant shift in the stablecoin landscape. While Tether maintains the lead in total supply, USDC is now the dominant force in actual cryptocurrency movement. Recent data from Mizuho shows USDC accounting for 64% of transfer volume, totaling $2.2 trillion compared to USDT’s $1.3 trillion. This is largely driven by increased activity on the Solana blockchain, where USDC transfer volume has skyrocketed 300% year-over-year, facilitated by low transaction fees and a growing preference for stablecoin-related swaps on decentralized exchanges. Regulatory developments, such as the GENIUS Act in the US and Circle’s MiCA license in Europe, have also contributed to USDC’s growth by limiting USDT’s access on major exchanges. Furthermore, integrations with traditional payment systems like Visa are expanding USDC’s reach and utility.

(Source：CryptoSlate)