Circle · Tether · Wall Street · Standard Chartered · CoinDesk
Circle’s USDC is exiting Tether behind in the stablecoin volume race, new data from Visa indicates
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Circle’s USDC stablecoin widened its lead over competitor Tether’s USDT by transaction volume during the first half of 2026, according to fresh data from Visa’s onchain dashboard.
Key facts
- In June alone, stablecoin activity increased to a record $1.79 trillion in adjusted transaction volume, up 63% from May's $1.1 trillion and 125% from about $795 billion in June 2025
- USDC accounted for about 70% of adjusted transaction volume during the first half of 2026
- In 2020, USDT made up nearly 90% of adjusted transaction volume
- By 2022, USDC accounted for about 45% of adjusted transaction volume
Summary
Circle’s USDC accounted for about 70 percent of adjusted stablecoin transaction volume in the first half of 2026, widening its lead over Tether’s USDT, which held roughly 25 percent. Adjusted stablecoin transaction volume hit a record $1.79 trillion in June 2026, up 63 percent from May and 125 percent from June 2025, contributing to $8.82 trillion in volume for the first six months of the year. Growing adoption of stablecoins by banks and financial institutions, including new USDC services from Standard Chartered and BNY, reflects a broader shift toward established fiat-pegged digital asset networks. In June alone, stablecoin activity increased to a record $1.79 trillion in adjusted transaction volume, up 63% from May's $1.1 trillion and 125% from about $795 billion in June 2025.