According to Lookonchain data, the daily trading volume of the stablecoin Tether (USDT) has surpassed that of Visa. USDT’s daily trading volume reached $5.3 billion, while Visa’s average trading volume is $4.2 billion. This achievement reflects the growing dominance of stablecoins, with USDT leading in terms of market capitalization.
Since April, the total monthly trading volume of the top three stablecoins – USDT, USDC, and DAI – is $1.369 trillion, surpassing Visa’s average of $1.23 trillion calculated based on 2023 data.
Tether’s recent developments may have contributed to this trend, including its support for blockchain and digital asset education, as well as the launch of Tether Gold, a gold-backed synthetic dollar.
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Despite the bearish cryptocurrency market, stablecoins like USDT have performed well. Over the past four years, the monthly stablecoin transfer volume has grown tenfold, with USDT playing a significant role.
Over the past decade, the monthly stablecoin transfer volume has increased approximately fourfold, from $100 billion to $1 trillion+.
The benchmark comes from Visa:
“In FY23, VisaNet processed a total of $15 trillion in volume.” – Ryan McInerney, CEO
pic.twitter.com/KxrUyb1IIW
— Token Terminal (@tokenterminal)
June 19, 2024
Stablecoins are increasingly seen as viable alternatives to traditional payment methods.
However, the rise of stablecoins has attracted regulatory scrutiny. For example, some EU-based cryptocurrency companies, such as Uphold, have suspended the issuance of most stablecoins to comply with MiCA regulations. Tron’s USDT, in particular, is under review due to its alleged involvement in illegal activities. Reports from Chainalysis and the United Nations emphasize its use in money laundering, illegal gambling, cybercrime, and fraud in Asia, mainly due to its price stability and low transaction fees.
Tether has expressed disappointment over these accusations and highlights the benefits of USDT for emerging market economies. The company also collaborates with authorities to combat illegal activities, including freezing funds related to criminal activities.
