Circle’s USDC Closes In on Tether Amid Explosive Stablecoin Trading Growth

TL;DR

• Circle’s USDC continues gaining ground against Tether in adjusted transaction volume during 2026, according to new data released by Visa.
• Total stablecoin activity climbed to $1.79 trillion in June, driven by banks and financial firms using digital assets for payments and settlements.
• USDC represented nearly 70% of adjusted volume in the first half of the year, while USDT accounted for around 25%, signaling a major shift in market dynamics.
  

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Circle’s USDC strengthens its position in the stablecoin market as institutional demand for blockchain-based settlements continues to expand. Recent data from Visa’s onchain dashboard shows that USDC handled a larger share of adjusted transaction volume than Tether’s USDT during the first half of 2026, reinforcing a trend that has accelerated over the last 2 years.

Stablecoin activity reached $1.79 trillion in adjusted transaction volume in June alone, marking a 63% increase from May’s $1.1 trillion. Compared with June 2025, activity climbed 125% from roughly $795 billion. Visa’s methodology excludes exchange transfers, bot-driven activity and non-economic blockchain movements to provide a clearer measure of real payment and settlement usage.

USDC Gains Share As Institutional Demand Expands

USDC accounted for nearly 70% of adjusted stablecoin transaction volume during the first 6 months of 2026, while USDT represented close to 25%. The widening gap highlights how institutional finance increasingly favors regulated and transparent stablecoin infrastructure for cross-border transactions and treasury management.

Several traditional financial firms have recently expanded support for USDC-based services. Standard Chartered and BNY introduced new stablecoin settlement products connected to Circle’s ecosystem instead of developing proprietary digital dollar systems. The move reflects how banking groups are integrating blockchain networks to reduce operational friction and accelerate settlements.

The broader stablecoin market also continues to grow at a rapid pace. Total adjusted transaction volume reached $8.82 trillion during the first half of 2026, already surpassing the entire $5.8 trillion recorded in 2024 and moving closer to the record $10.8 trillion posted in 2025.

Stablecoin Adoption Reshapes Digital Payments

The rise of USDC also signals a structural change inside the digital asset sector. In 2020, USDT controlled nearly 90% of adjusted stablecoin volume, while USDC represented less than 10%. By 2022, USDC had already expanded its share to roughly 45%, showing a steady increase in institutional adoption.

Analysts point to growing regulatory clarity in the United States and Europe as one of the drivers behind USDC’s expansion. Financial firms increasingly view stablecoins as efficient tools for real-time payments, liquidity transfers and international settlements without depending on slower traditional banking infrastructure.