Jeremy Alayer, co-founder and CEO of Circle, made a bold prediction that the stablecoin issued by the company could outperform the payment giant PayPal in dollar value of transactions.
The comments were published in a tweet on Tuesday, in which Aller mentioned the volume of transactions in US dollar coins over the past year, which he said amounted to more than half a million dollars.
He added that this already represented about half of all PayPal payments in 2020, and suggested that there would be a “revolution” in the near future.
As some respondents pointed out to the tweet, the two are not necessarily comparable, as transactions on PayPal are used to pay for goods and services, and USDC is mainly used on cryptocurrency exchanges for trading and speculation. But it does help see the jump in US dollar growth in perspective.
PayPal’s annual transaction volume in 2020 was $ 936 billion, up 31.5% from the previous year, when $ 712 billion was completed, according to Statista. In the fourth quarter of 2020, PayPal’s net payments were roughly $ 277 billion, which is 39% year-over-year growth.
In comparison, by mid-October 2020, the total volume of transactions for the dominant stable currency (USDT) was $ 600 billion, and by the end of the year it was reported to have peaked at $ 780 billion. Daily accumulated coin volumes started to pick up in the last quarter of 2020 as the beef market gained ground.
Massari is currently reporting adjusted daily volumes of $ 2.5 billion and $ 9.8 billion. In terms of shift supply, Tether is currently hitting an all-time high of $ 43.3 billion, according to Tether’s transparency report, while USDC has 11.3 billion traders and is 1,500% higher since the same time. last year.
According to CoinGecko, Tether currently ranks 5th among cryptocurrencies by market cap, and is declining today after 23% of the daily infusion of XRP and Binance Coin (BNB). The USDC sits at the bottom of the list but is still the second largest stable currency by market capitalization, at number 14, just below the Stellar (XLM).