Tether (USDT) Surpasses Visa and Mastercard in Transaction Volume

•Tether (USDT), the dominant stablecoin, has surpassed payment operators Mastercard and Visa in transaction volume processed in 2022.
•The data, sourced from CoinGecko and Mastercard and Visa’s respective websites, indicates that the use of stablecoins is on the rise.
•Despite the overall challenges faced by the cryptocurrency market in 2022, the increasing use of stablecoins highlights the continuous growth of the blockchain industry.

The rise of stablecoins in the blockchain industry has been a remarkable story. In 2022, Tether (USDT), the dominant stablecoin, has surpassed payment operators Mastercard and Visa in transaction volume processed. This news, sourced from CoinGecko and Mastercard and Visa’s respective websites, indicates that the use of stablecoins is on the rise and highlights the continuous growth of the blockchain industry.

USDT handled around $18.2 trillion worth of transactions in 2022, while Mastercard processed $14.1 trillion and Visa processed $7.7 trillion. This impressive milestone was met with mixed reactions on Twitter, with some pointing to „fake volume“ and „wash trading“ to dismiss the validity of the data. Many users in the cryptosphere distrust tether, citing a lack of transparency in the company’s operations. The company is responsible for regularly issuing large sums of money on the blockchain, with many accusing it of printing money at will.

Despite these concerns, the increasing use of stablecoins highlights the immense potential of blockchain technology and its ability to provide users with improved speed and privacy. Furthermore, the increasing use of stablecoins could help to drive further adoption of cryptocurrencies, as it provides users with an easier entry point into the industry.

The rise of stablecoins is a positive development for the blockchain industry, and it will be interesting to see how it continues to progress over the coming years. With the increasing popularity of stablecoins, more companies and users may be enticed to join the blockchain revolution, allowing the industry to reach new heights.