Circle’s USDC accounted for about 70% of adjusted stablecoin transaction volume in the first half of 2026, compared with roughly 25% for Tether’s USDT. Total adjusted volume reached a record $1.79 trillion in June, according to Visa data.
Circle’s USDC accounted for about 70% of adjusted stablecoin transaction volume in the first half of 2026, compared with roughly 25% for Tether’s USDT. Total adjusted volume reached a record $1.79 trillion in June, according to Visa data.
The figures indicate that stablecoin activity is expanding as banks and other financial institutions use fiat-pegged tokens for payments, settlement and treasury operations. Standard Chartered and BNY recently introduced services involving USDC instead of building their own stablecoin infrastructure.
Circle’s USDC widened its transaction-volume lead over Tether’s USDT during the first half of 2026, according to Visa’s onchain dashboard. USDC represented about 70% of adjusted stablecoin volume, while USDT accounted for roughly 25%.
The figures indicate that stablecoin activity is expanding as banks and other financial institutions use fiat-pegged tokens for payments, settlement and treasury operations. Standard Chartered and BNY recently introduced services involving USDC instead of building their own stablecoin infrastructure.
Adjusted stablecoin transaction volume reached a record $1.79 trillion in June. That was 63% higher than May’s $1.1 trillion and 125% above the roughly $795 billion recorded in June 2025.
Visa’s adjusted measure excludes bot activity, exchange transfers and other blockchain transactions that do not represent real economic activity. The first six months of 2026 generated $8.82 trillion under this measure, surpassing the $5.8 trillion recorded throughout 2024 and coming within $2 trillion of 2025’s $10.8 trillion record.
The competitive balance has shifted sharply over time. USDT represented nearly 90% of adjusted transaction volume in 2020, when USDC held less than 10%. USDC’s share had risen to about 45% by 2022 before reaching its current first-half level.
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