USDC accounted for approximately 70% of the adjusted stablecoin trading volume in the first half of the year, further solidifying its lead over USDT.

BlockBeats News, July 7th. According to Visa on-chain data, in the first half of 2026, Circle's stablecoin USDC accounted for approximately 70% of the adjusted stablecoin transaction volume, further expanding its lead over competitor Tether's USDT. Meanwhile, USDT accounted for about 25% during the same period.

The data shows that the adjusted stablecoin trading volume in June rose to a record-breaking $1.79 trillion, a 63% increase from May's $1.1 trillion and a 125% increase from around $795 billion in June 2025. When calculating the adjusted transaction volume, Visa excludes bot activities, exchange transfers, and other blockchain transactions that do not reflect real economic activities.

At a time when the data was released, banks and other financial institutions are expanding the use of stablecoins in payments, settlements, and fund management. Standard Chartered Bank and BNY Mellon have recently enhanced services around Circle's USDC instead of building their own infrastructure, reflecting the trend of financial institutions increasingly utilizing mature stablecoin networks amid the growing demand for digital assets pegged to fiat.

In the first six months of this year, the total adjusted stablecoin trading volume reached $8.82 trillion, surpassing the full-year 2024 volume of $5.8 trillion but still lower by about $2 trillion compared to the record-breaking $10.8 trillion in 2025. In 2020, USDT accounted for nearly 90% of the adjusted volume, with USDC at less than 10%; by 2022, USDC's share had risen to around 45%.