USDT and USDC: Stablecoins Vie for Market Share Amid Growing Demand

The stablecoin landscape is evolving, with USDT still leading by transaction volume but USDC gaining momentum. According to data from NOWPayments, in H1 2026, USDC's transaction count increased by 209.02% year-over-year and its transaction volume rose by 101.63%. In contrast, USDT's transaction activity declined over the same period.

USDT continues to account for the largest share of stablecoin transaction activity on NOWPayments, particularly by transaction volume. However, USDC is emerging as a growing alternative, especially for companies operating in regulated European infrastructure.

Businesses are increasingly relying on stablecoins like USDT and USDC not only for accepting payments but also for moving money throughout their daily operations. This shift is driven by the need to manage cash flow, settle transactions, and transfer funds efficiently across borders.

Kate Lifshits, CBDO of NOWPayments, notes that businesses may choose to support both USDT and USDC due to their different strengths: USDT offers global liquidity and established transaction scale, while USDC has a clearer regulatory position in Europe. By supporting both assets, companies can provide more flexibility across markets, partners, and operational requirements.