USDC Transaction Volume Share Rises to 70%, Far Surpassing USDT
N.R. Finch
In H1 2026, USDC accounted for roughly 70% of adjusted stablecoin transaction volume — up from under 10% five years ago. The power center of the stablecoin market is shifting from USDT to USDC, driven by traditional banks picking sides.
70% vs 25% — what does this gap actually mean?
USDC now commands about 70% of adjusted volume; USDT holds just 25%. This means → for every $4 in stablecoin transactions, nearly $3 flows through USDC.
Five years ago the picture was reversed: USDT held nearly 90% in 2020, while USDC sat below 10%. By 2022, USDC climbed to roughly 45%. By 2026, the overtake is complete.
In plain terms = USDT used to be the default stablecoin. That default is now USDC.
How much did volume grow — and why is it a record?
June 2026 adjusted volume hit $1.79 trillion — up 63% from May's $1.1 trillion and 125% above June 2025's roughly $795 billion. That is a single-month all-time high.
H1 2026 cumulative volume reached $8.82 trillion, already surpassing 2024's full-year $5.8 trillion and within about $2 trillion of 2025's annual record of $10.8 trillion.
The word "adjusted" matters: Visa strips out bot activity, intra-exchange transfers, and other on-chain noise. This means → these figures measure real economic activity, not inflated throughput.
Why is USDC winning, not USDT?
Standard Chartered and BNY Mellon recently launched services built around USDC rather than creating proprietary stablecoin infrastructure. This reflects a preference among traditional banks for plugging into an established network over building from scratch.
In plain terms = major banks chose to ride an existing rail instead of laying their own — and the rail they chose is USDC.
Whether USDT can close the gap during this wave of institutional adoption is the key variable to watch in the evolving stablecoin landscape.
Content is for reference only, not financial advice.