Circle’s USDC is Stepping Aside from Tether in the Stablecoin Transaction Leader Race

Recent data from Visa highlights a shifting dynamic in the stablecoin space, with Circle’s USDC gaining ground over Tether’s USDT in transaction volume during early 2026. The analysis reveals a significant increase in activity, driven by broader adoption of stablecoins across financial institutions.

In June, the adjusted transaction volume reached a record $1.79 trillion, marking a 63% rise from May’s $1.1 trillion and a 125% jump from the June 2025 figure of about $795 billion. These updated numbers exclude bot operations, exchanges, and other non-essential blockchain activity.

The adoption of stablecoins is accelerating, with institutions like Standard Chartered and BNY integrating Circle’s USDC rather than developing their own infrastructure. This reflects a strategic move toward leveraging established stablecoin networks to meet growing demand for fiat-pegged digital assets.

The year so far has totaled $8.82 trillion in adjusted stablecoin transactions—a more than $5.8 trillion in 2024 and $2 trillion below the 2025 peak of $10.8 trillion.

USDC has captured approximately 70% of the volume in the first half of 2026, while Tether remains a close competitor at around 25%.

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