Last year, the global trading volume of stablecoins reached a record high, Artemis Analytics reported. The volume rose by 72% year over year to $33 trillion.
USDC traded $18.3 trillion, topping the list of stablecoin volume. USDT followed with $13.3 trillion. Bloomberg reported that USDC traded heavily on crypto-based financial services like DeFi. USDT was mainly used for everyday payments, business transactions, and asset preservation.
Dante Disparte, Circle’s chief strategy officer (CSO), said the stability and deep liquidity are attracting users to USDC. Market capitalization contrasts show USDT at about $187 billion, roughly 2.5 times larger than USDC’s about $75 billion. The report notes that former U.S. President Donald Trump has pursued crypto-friendly policies, and last July the Genius Act to bring stablecoins into the regulatory framework passed Congress.
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