Monthly stablecoin trading volume hit a record $1.8 trillion in February. Against that backdrop, Circle's USDC overtook Tether's USDT in trading volume, Cointelegraph reported on Friday.
According to data analytics firm Allium, USDC logged $1.26 trillion in trading volume, more than double Tether's $514 billion. USDC has continued to hold an edge in trading volume despite having a market capitalisation about half that of Tether.
USDC issuance is also rising quickly. Crypto market intelligence firm Arkham said more than $3 billion worth of USDC was additionally issued in March alone. Tether supply, by contrast, showed no major change.
According to blockchain data firm CryptoQuant, increased stablecoin holdings on exchanges helped underpin bitcoin's recent rise above $74,000. As of March 5, $5.14 billion worth of stablecoins flowed into exchanges, more than four times the $1.14 billion seen a month earlier.
Chi-gyu Hwang
delight@d-today.co.kr