USDC Surpasses USDT as Dominant Stablecoin by Transaction Volume

The stablecoin landscape has undergone significant changes in recent months, with Circle's USDC emerging as the dominant player by transaction activity.

According to new data compiled by Visa, USDC now accounts for approximately 70% of adjusted stablecoin transaction volume during the first half of 2026, while Tether's USDT represents about 25%.

The findings mark a significant shift in the competitive landscape of the stablecoin market. For years, USDT dominated both supply and transaction activity, but Visa's adjusted metrics indicate that institutional adoption is increasingly flowing through USDC instead.

The data exclude exchange transfers, bot activity, and other blockchain transactions that do not represent genuine economic activity, providing a more accurate picture of real-world stablecoin usage.