CoinDesk
Circle's USDC captured roughly 70% of adjusted stablecoin transaction volume in the first half of 2026, extending a structural lead over Tether's USDT, which held about 25%, according to fresh data from Visa's onchain analytics dashboard. The gap is the widest the two have seen in a full reporting period, and it lands against a backdrop of record activity: adjusted stablecoin volume hit $1.79 trillion in June alone, up 63% from May's $1.1 trillion and 125% from June 2025's roughly $795 billion. H1 2026 closed at $8.82 trillion in cumulative adjusted volume, already ahead of the $5.8 trillion recorded for all of 2024 and within reach of 2025's record $10.8 trillion.
Why it matters
USDC's share climb is the inverse of where the market sat in 2020, when USDT made up nearly 90% of adjusted transaction volume and USDC held less than 10%. By 2022, USDC had crossed 45%. The current 70/25 split reflects a multi-year rotation in where institutional dollars settle, not a single quarter's noise. Visa's methodology strips out bot activity, exchange transfers and other non-economic flows, so the adjusted numbers track actual payment and settlement usage rather than on-chain turbulence. The shift in issuer preference now has a corporate footprint: Standard Chartered and BNY have added services built around USDC rather than launching their own stablecoin infrastructure, a clear sign that established bank rails are coalescing on a single dominant dollar token instead of fragmenting the market.
Market impact
The concentration around one compliant, regulated issuer changes the shape of the sector. Tether still leads on raw transfer count and offshore remittance corridors, but USDC's dominance in adjusted volume, the metric institutions price against, makes it the de facto settlement layer for US-dollar stablecoin flows. June's $1.79 trillion print, paired with the H1 pace running more than 60% above last year's full-year total, puts the market on track to clear $17 trillion in adjusted volume for 2026 if monthly activity holds near current levels.
Frequently asked questions
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What share of stablecoin volume does USDC hold in 2026?
Circle's USDC accounted for roughly 70% of adjusted stablecoin transaction volume in the first half of 2026, while Tether's USDT held about 25%, according to Visa's onchain analytics dashboard.
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How big was stablecoin trading volume in June 2026?
Adjusted stablecoin transaction volume hit a record $1.79 trillion in June 2026, up 63% from May's $1.1 trillion and 125% from roughly $795 billion in June 2025.
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How does Visa calculate adjusted stablecoin volume?
Visa removes bot activity, exchange transfers and other blockchain transactions that do not reflect real economic activity before publishing its adjusted volume figures, so the metric tracks payment and settlement usage rather than raw on-chain traffic.
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Which banks have adopted USDC services in 2026?
Standard Chartered and BNY have added services built around Circle's USDC rather than launching their own stablecoin infrastructure, reflecting a broader shift among established financial institutions toward existing stablecoin networks.
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How has the USDC vs USDT market share changed over time?
In 2020, USDT made up nearly 90% of adjusted stablecoin transaction volume while USDC held less than 10%. By 2022 USDC had reached about 45%, and by H1 2026 it commanded roughly 70% versus USDT's 25%.
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