Circle’s USD Coin has overtaken the world’s largest stablecoin, Tether’s , in stablecoin transactions in a surprising turn of events. USDC saw 166.6 million transactions in April 2024, overtaking USDT’s 163.6 million monthly transactions, according to on-chain analytics by payments giant Visa.

USDC has been eating up the stablecoin transaction market share since the end of 202. In December 2023, USDC’s 145 million monthly transactions flipped USDT’s 127 million transactions for the first time, according to Visa.

The development is a significant surprise for industry participants, considering that Tether is the world’s largest stablecoin by far, with a market capitalization of over $110 billion, accounting for over 68% of total stablecoin market share. 

This makes Tether’s stablecoin over three times larger than Circle’s USDC, which is currently worth $33.5 billion, according to CoinMarketCap data.

In terms of total users, Circle’s stablecoin is still far behind Tether’s user count. USDT was used by over 34.2 million unique wallets in April 2024, while Circle’s USDC only saw 9.57 million unique users.

Visa introduced its stablecoin analytics dashboard in April, aiming to cut through the “noise” to provide easily accessible and digestible data on four stablecoins across nine blockchains.

Stablecoins are important, as they enable traders to quickly move in and out of cryptocurrency positions. Stablecoins have a total market capitalization of over $161 billion, which accounts for 6.63% of the total crypto market cap of $2.43 trillion, according to CoinGecko data.

Tether the operator of the eponymous Tether stablecoin, the world’s largest stablecoin by market value — has completed a major investment following restructuring of its business.

On April 29, Tether announced a strategic investment of $200 million into Blackrock Neurotech, becoming the majority stakeholder in the neural implant company. The investment was carried out through Tether Evo, a brand-new division at Tether focused on the intersection of human potential and technology.

Established in 2008, Blackrock Neurotech is a global pioneer of human brain-computer-interface (BCI) technology, known for its advanced brain-computer interfaces.

The firm is committed to helping millions of people around the world afflicted with paralysis, lost function and neurological disorders that prevent them from walking, seeing, hearing, feeling or talking.

Through Blackrock Neurotech’s brain interface technology, patients have operated robotic arms, maneuvered wheelchairs, sent messages, surfed the internet, and even driven a car using the power of their thoughts.

Tether’s $200 million investment aims to fund the commercialization and rollout of medical solutions that have already been successfully applied to more than 40 individuals. The investment will also be used to improve Blackrock Neurotech’s research and development and maintain its position as a major BCI player in the future, with a long-term focus on human evolution.

According to Tether CEO Paolo Ardoino, Blackrock Neurotech is just the beginning of the company’s journey through Tether Evo to support projects that “redefine the boundaries of what’s possible at the intersection of technological innovation and human potential.” He added:

“Blackrock Neurotech represents a leap towards a future where technology not only complements but enhances our human experience, and we at Tether are proud to begin this journey with them.”

Blackrock Neurotech co-founder Florian Solzbacher noted that Blackrock Neurotech’s mission of helping restore functions in people is a long-term endeavor and requires dedicated and visionary partners.

With Binance ousted from the Philippines, traders based in the country now have to deal with higher trading fees and fewer crypto tokens to choose from, according to an executive working in the region. 

On Dec. 14, 2023, the Philippines Securities and Exchange Commission announced a three-month countdown to a Binance ban. The SEC’s Kelvin Lee said back then that Binance “never bothered to register in the Philippines” and comply with regulations.

The country’s National Telecommunication Commission ordered local internet service providers to block the exchange on March 25. On April 23, the SEC ordered Apple and Google to block the Binance app from their stores.

Rose said that the Binance ban drives business to local exchanges. The executive believes that this has a significant positive impact on the local economy.

“This increase in business staying local will also help Philippine crypto businesses with raising global investment funding, another win for the Philippine economy,” Rose added.

However, the executive also recognized that there are “trade-offs.” While the ban might have positive effects, Rose recognized that Filipino traders would face higher trading fees post-ban. 

The executive also said this may foster market participants’ confidence and encourage responsible industry innovation.

Overall, the executive believes there are also negative and positive implications. However, it is undeniably a “significant development” for crypto in the country, according to Villarante.