Circle's USDC Surpasses Tether in Stablecoin Transaction Volume
New data from Visa reveals that Circle's USDC now accounts for approximately 70 percent of adjusted stablecoin transaction volume in the first half of 2026, significantly outpacing Tether's USDT, which holds around 25 percent. This information was reported by CoinDesk on July 6, 2026.
According to recent data from Visa's platform, Circle's USDC has emerged as a dominant player in the stablecoin market, claiming about 70 percent of the adjusted stablecoin transaction volume during the first half of 2026. This marks a significant increase from just over 45 percent in 2022, reflecting a notable shift in user preferences towards USDC.
In June 2026 alone, the overall trading volume for stablecoins reached a record $1.79 trillion, which is a 63 percent increase from $1.1 trillion in May. Year-over-year, this volume surged by 125 percent from approximately $795 billion in June 2025. For the first half of 2026, total adjusted stablecoin transaction volume hit $8.82 trillion, surpassing the $5.8 trillion seen in all of 2024, although it remains below the record of $10.8 trillion recorded in 2025.
The data indicates that Tether's USDT has fallen significantly in market share, going from nearly 90 percent in 2020 to around 25 percent in the first half of 2026. This shift aligns with the growing adoption of stablecoins within financial institutions, as banks begin integrating services utilizing USDC to enhance payment and settlement processes. Recently, Standard Chartered and BNY added USDC-focused services, choosing to leverage existing stablecoin infrastructure instead of developing their own.
Visa's methodology for calculating adjusted volume excludes bots, exchange transfers, and other transactional activities that do not contribute to real economic exchanges, ensuring that the figures reflect actual market use.
As financial institutions continue to embrace stablecoins in various operations, the competition between USDC and USDT could intensify, resulting in further changes in market dynamics. Observers will likely keep an eye on how this evolving landscape impacts the broader adoption of digital currencies.
Summary based on original reporting by Olivier Acuna at CoinDesk, originally published Jul 6, 2026. SolanaWire does not republish source content.
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