According to Nansen, the volume of transactions for Tether, USDC, and DAI during the last 30 days has exceeded Visa’s monthly average for 2023.
According to onchain expert Nansen, the three biggest stablecoins in cryptocurrency, Tether USDT -0.042%, USDC, and DAI, have seen more volumes over the last 30 days than Visa’s average monthly total from the previous year.
According to Nansen data, Tether, the stablecoin with the highest market capitalization, handled $654 billion in transactions during the previous 30 days, while DAI handled over $394 billion in flows and USDC recorded $321 billion in trading activity.
“The total for the three at $1.369 trillion is higher than the monthly average for market leader Visa in 2023,” Nansen stated. In contrast, the monthly average of Visa’s projected $14.8 trillion annual volume in 2023 is $1.23 trillion.
According to Nansen’s data, Mastercard, the second-largest card issuer in the world, was not far behind Tether in terms of monthly volume processed. In 2023, Mastercard’s average monthly volume was $750 billion, with a total of $9 trillion for the year. Tether also exceeded PayPal, which last year averaged $125 billion per month, according to data.
Visa asserts that USDC leads in stablecoin transactions
Visa asserted in an April report that, based on the amount of transactions, Circle’s USDC stablecoin ought to be regarded as the top choice.
According to Visa, in order to demonstrate USDC’s superiority over its competitors in the market, it removed inorganic activity from stablecoin transaction data and just tallied the total amount of stablecoin transmitted in a single transaction.
The article claims that weekly USDC transaction volume surpassed USDT due to the elimination of bot activity, intricate smart contract interaction, and automated transactions from centralized exchanges.
Only transactions submitted by an account that, within the previous 30 days, has initiated fewer than 1,000 stablecoin transactions and $10 million in transfer volume are taken into account. According to the research, this eliminates a variety of bot activities in addition to automated transactions from big organizations like centralized exchanges.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
