Tether’s USDT (CRYPTO: $USDT) remains the world’s dominant stablecoin despite rising competition in the digital asset space.
Data from NOWPayments shows that USDT continues to be the dominant stablecoin by business transaction volumes.
However, that same data shows that Circle Internet Group’s (NYSE: $CRCL) USDC (CRYPTO: $USDC) stablecoin is gaining momentum.
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In the first half of this year, USDC transactions increased 209% year-over-year and transaction volume rose 101%.
Tether’s USDT transaction activity declined over the same period of time, though it remains the market leader.
Stablecoins are cryptocurrencies whose value is pegged to another asset, typically the U.S. dollar.
NOWPayments, a crypto payment firm, said that Tether’s USDT continues to offer the scale and liquidity businesses rely on, but that Circle’s USDC is emerging as a popular alternative.
The report also says that businesses are increasingly relying on USDT and USDC in their daily operations, including for payroll and treasury transfers.
NOWPayments concludes that stablecoins are becoming an important part of business infrastructure rather than just another payment option.
CRCL stock has declined 43% over the last 12 months to trade at $76.53 U.S. per share.
Tether is privately held and its stock does not trade on a public exchange.