JAKARTA - Circle Internet Financial's USDC stablecoin has recorded significant achievements by surpassing USDT Tether in transaction volume this year. Data collected by Visa Inc. and Allium Labs show that USDC has not only shown consistent growth since early 2024, but has also recorded impressive weekly transaction volumes.
Weekly growth of $456 billion (around Rp7,410 trillion) compared to $89 billion (around Rp1,445 trillion) for USDT. This marks USDC as market leader by accounting for 50% of total stablecoin transactions since January.
This discovery challenges general opinion about the dominance of USDT, which was previously considered a leading stablecoin based on its market share. However, Noelle Acheson, author of the Crypto Is Macro Now bulletin, offers a different perspective, saying that USDT is more often held outside the US as a dollar-based store of value, while USDC is mostly used in the US for transactions.
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Stablecoin plays an important role in the crypto ecosystem by facilitating transactions and cross-border payments. However, interpretation of stablecoin transaction data can be a challenge due to its complexity, including potential transactions that are initiated manually or via bots.
Circle's involvement in the US banking crisis last year caused a decline in the outstanding USDC value, but it has recovered to $32.8 billion (approximately IDR 533.2 trillion). This incident shows USDC's resilience and adaptability in dealing with the crisis.
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