STABLECOINS | USDC Dominates ~70% of Adjusted Transaction Volume in H1 2026

The USDC stablecoin by Circle has widened its lead over rival USDT in stablecoin transaction volume during the first half of 2026 underscoring a shift in how dollar stablecoins are being used as banks and financial institutions expand on-chain payments.

Adjusted transaction volume on the USDC network reached roughly $12 trillion between January and June 2026 accounting for nearly 70% of all stablecoin transfers, according to data from Visa’s onchain dashboard. Tether’s USDT represented about 25% of adjusted volume over the same period, despite remaining the world’s largest stablecoin by market capitalization.

The growth of USDC has been remarkable.

In 2020, just 6 years ago,

• USDT made up nearly 90% of adjusted transaction volume while
• USDC account for less than 10%

By 2022, USDC accounted for about 45% of adjusted transaction volume.

Today, the figure stands at 70%.

The figures exclude automated transfers, bot activity, and other transactions, considered economically insignificant, providing a clearer picture of real-world payment activity.

Overall adjusted stablecoin transaction volume climbed to about $18 trillion in June 2026, up 63% from the previous month and the highest level recorded by Visa’s dashboard reflecting growing adoption beyond crypto trading into payments and settlement.

The trend comes as traditional financial institutions increasingly embrace stablecoins to speed up cross-border transfers, treasury operations and onchain settlement. Regulatory clarity in several jurisdictions has also encouraged broader participation from banks, payment firms, and fintech companies.

While USDC has emerged as the dominant stablecoin by transaction activity, USDT continues to lead the market by circulating supply, highlighting the distinction between market size and actual payment usage.

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