USDC Dominates Stablecoin Volume, Outpacing Tether

New data from Visa reveals a significant shift in the stablecoin landscape, with Circle's USDC firmly establishing its lead over Tether's USDT. This comes as Wall Street banks increasingly adopt digital currencies for faster settlements, driving a dramatic increase in overall trading volume. Visa's latest stablecoin data shows that monthly activity for fiat-pegged tokens reached a record-breaking $1.79 trillion in June 2026. This impressive figure represents a 63% surge from May and a 125% increase compared to June 2025. In the first half of 2026, USDC accounted for approximately 70% of the adjusted stablecoin transaction volume, solidifying its position ahead of USDT, which represented roughly 25%. This marks a substantial reversal from 2020, when USDT held nearly 90% of the adjusted volume and USDC less than 10%. By 2022, USDC had already grown to about 45%. The growing adoption of stablecoins by established banking and financial institutions is a key driver for this trend. Recent initiatives, such as Standard Chartered and BNY adding new USDC services, highlight a broader industry move towards utilising established fiat-pegged digital asset networks. Instead of developing proprietary infrastructure, these institutions are leveraging existing, proven stablecoin solutions. June's record activity contributed to a total adjusted stablecoin transaction volume of $8.82 trillion for the first six months of 2026. This surpasses the $5.8 trillion recorded for the entirety of 2024 and is just under the record $10.8 trillion reported in 2025. Visa's methodology for calculating adjusted volume is rigorous, excluding bot activity, exchange transfers, and other blockchain transactions that do not represent genuine economic activity. This ensures the data accurately reflects real-world financial movements. The increasing demand for fiat-pegged digital assets for payments, settlement, and treasury operations underscores the pivotal role stablecoins are playing in modern finance. Circle's USDC, with its robust infrastructure and increasing institutional integration, appears well-positioned to maintain its dominant market share in the evolving digital currency ecosystem.