Circle’s USDC captured nearly 70% of July’s $5.2 trillion on-chain stablecoin transfer volume, outpacing Tether’s USDT.
USDC accounted for $3.6 trillion of the $5.2 trillion in on-chain stablecoin transfers in July, more than double USDT’s $1.4 trillion. Tether still recorded a higher number of transactions during the period.
The disparity highlights USDC’s growing institutional adoption, bolstered by regulatory approvals like MiCA in the EU and partnerships with Visa and Mastercard. USDT remains dominant in retail and trading volumes.
No immediate market reaction was reported following the data release.