USDC saw 166.6 million transactions in April 2024, overtaking USDT’s 163.6 million monthly transactions, according to on-chain analytics by payments giant Visa.

The development is a significant surprise for industry participants, considering that Tether is the world’s largest stablecoin by far, with a market capitalization of over $110 billion, accounting for over 68% of total stablecoin market share.