Tether’s USDT and Tron Lead Stablecoin Payment Volume, Report Finds
Tether’s USDT and the Tron blockchain lead the stablecoin payment sector, according to a report by Artemis, supported by Dragonfly and Castle Island Ventures.
- USDT accounts for 90% of stablecoin payment transaction volume.
- Circle's USDC is the second-largest stablecoin.
- Tron hosts approximately 60% of stablecoin payment volume, followed by Ethereum, Binance Smart Chain, and Polygon.
- Annualized stablecoin payment volume reached $72.3 billion as of February, covering B2B, P2P, B2C, Card, and Lending sectors.
Stablecoins, mainly U.S. dollar-pegged, are evolving from mere trading tools to significant payment instruments.
- Circle is launching a cross-border payments network and recently filed for an IPO on the NYSE.
- Despite its initiatives, Circle's USDC holds a smaller share of payment volume compared to USDT.
- Tether remains preferred in regions like Argentina and Brazil due to concerns about banking stability.
- Users prioritize Tether for its brand recognition rather than the underlying blockchain technology.
The findings suggest Tether's dominance in payments may exceed expectations based on issuance data.