USDT Dominance Fades as USDC Gains Ground in Stablecoin Market

Stablecoin USDT still dominates the market in terms of transaction volume on NOWPayments, but its growth has slowed down. In contrast, USDC is gaining momentum and saw a significant increase in transactions and volume in H1 2026.

According to data from NOWPayments, USDT's transaction count declined by 1.55% year over year, while its transaction volume fell by 14.99%. However, it still accounted for 66.92% of stablecoin transaction volume on the platform in H1 2026.

In contrast, USDC saw a substantial increase in transactions and volume. Its transaction count rose by 209.02% year over year, while its transaction volume increased by 101.63%. This has led to an increasingly differentiated stablecoin landscape, with USDT offering scale and liquidity globally, while USDC is emerging as a growing alternative, particularly for companies navigating regulated European infrastructure.

The divergence between USDT and USDC is not just about transaction growth but also reflects their different strengths. USDT combines global scale and liquidity, while USDC has a clearer position within Europe's MiCA-regulated environment.