- Tether has outperformed the major credit card providers including Visa and Mastercard.
- The current settlement volume of Tether is $18.2 trillion.
- The settlement volume of Visa and Mastercard are $14.1 trillion and $7.7 trillion respectively.
Reportedly, the leading stablecoin Tether (USDT) has outdone the major credit card providers including Visa and Mastercard in terms of settlement volume.
Notably, the settlement volume of USDT is $18.2 trillion while the settlement volumes of Visa and Mastercard are $14.1 trillion and $7.7 trillion respectively:
Notably, the overall performance of stablecoins was appreciatory in 2022, setting a milestone; the total settlement volume of stablecoins marked more than $7 trillion.
According to the previous month’s analytics, the condition of Tether was stagnant, while its major competitor USD Coin (USDC) exhibited better performance.
The co-head of Venture at Braven Howard Digital, Peter Johnson, tweeted the last month while predicting 2023’s settlement volume of stablecoins:
Last year, stablecoins settled >$7tn on-chain. Current run-rate is ~$9tn/yr. This is significantly more than Mastercard (~$2.2tn), Amex (~$1tn), and Discover (<$200bn). In 2023, on-chain stablecoin volumes will surpass the largest card network, Visa, which processes ~$12tn/yr.
Also, the leading crypto exchange Binance cited in December CoinMetric’s analysis of the performance of stablecoins, highlighting the satisfactory journey of Visa:
According to Coinmetrics data, on-chain stablecoin settlements reached over $7 trillion in 2022 and are expected to end the year at around $8 trillion. While the largest card network Visa, processes ~$12tn/yr.
Surprisingly, Johnson’s prediction has come true at the beginning of 2023 itself, with Tether beating Visa concerning the settlement volume. Though his prediction had been directed to the stablecoins in general, Tether, which exhibited a weaker juncture, surged substantially, to overpower the then-outstanding Visa.
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Source: https://coinedition.com/tether-overpowers-visa-and-mastercard-concerning-settlement-volume/