Circle's USDC accounted for approximately 70% [1] of adjusted stablecoin transaction volume during the first half of 2026.
This shift signals a major change in the digital asset landscape, as USDC has overtaken Tether's USDT in transaction volume. The growth suggests a broader institutional pivot toward stablecoins that emphasize regulatory alignment, and long-term product strategy.
Jeremy Allaire, co-founder and CEO of Circle, said the figures are based on Visa-derived transaction data. According to the data, the total adjusted stablecoin transaction volume for the first half of 2026 reached $1.79 trillion [2]. Allaire said the company has spent a decade building toward this specific market position.
"USDC now makes up roughly 70% of adjusted stablecoin transaction volume, according to Visa data," Allaire said.
The company attributes this growth to a consistent adoption strategy and product development cycle. Allaire said the stablecoin market is currently on track to reach trillions of dollars in transaction volume, with USDC positioned as the leader.
"We've been building towards this moment for about 10 years," Allaire said during a Q2 2026 earnings call.
The rise of USDC comes as the global financial system increasingly integrates blockchain-based settlements. By capturing the majority of the adjusted volume, Circle has established a dominant footprint in the movement of digital dollars across the web.
“USDC now makes up roughly 70% of adjusted stablecoin transaction volume”
The transition of volume leadership from Tether to USDC reflects a shift in user preference toward transparency and regulatory compliance. While Tether historically dominated through early-mover advantage and liquidity in trading, USDC's growth suggests that institutional users and payment processors are prioritizing assets that align with U.S. financial standards for large-scale transaction settlement.
