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Circle's USDC Overtakes Tether, Now 70% of Adjusted Stablecoin Volume
03 Sep 2026, 03:30
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USDC accounted for roughly 70% of adjusted stablecoin transaction volume in the first half of 2026, compared to about 25% for Tether's USDT.
<p>Circle's USDC accounted for roughly 70% of adjusted stablecoin transaction volume during the first half of 2026, compared with approximately 25% for Tether's USDT, according to data tracking stablecoin activity. The shift marks a significant reordering of the stablecoin market's competitive landscape, with USDC pulling decisively ahead of the token that had long been the largest stablecoin by transaction volume.</p>
<p>The volume shift comes as adjusted stablecoin transaction volume overall hit a record $1.79 trillion in June 2026, up 63% from May and 125% from June 2025, reflecting explosive growth in stablecoin usage across the broader crypto and payments ecosystem. USDC's growing share of that expanding pie means the token has captured a disproportionate amount of the market's overall growth rather than simply maintaining pace with Tether.</p>
<p>Regulatory dynamics have played a significant role in the shift. Tether has not received authorization under the EU's MiCA framework as of early 2026 and was delisted from major EU-regulated exchanges including Coinbase, Binance, Kraken, and Crypto.com between December 2024 and March 2025. Circle, by contrast, holds MiCA authorization for both USDC and its euro-denominated EURC token through a French Electronic Money Institution license, giving it a clear regulatory advantage in the European market during this critical period.</p>
<p>Institutional adoption has further reinforced USDC's growth, with major traditional finance firms including Standard Chartered and BNY Mellon recently adding services tied to USDC, giving their clients access to digital-dollar settlement and treasury management tools built on the token. That institutional infrastructure integration reflects growing confidence among traditional financial firms in USDC's regulatory standing and operational reliability compared to less regulated stablecoin alternatives.</p>
<p>The competitive dynamics between USDC and USDT continue evolving amid a broader wave of new stablecoin entrants, including Open USD, a new stablecoin backed by Stripe, Visa, BlackRock, and more than 140 other businesses following the 2025 passage of the GENIUS Act's regulatory framework for stablecoins. With more institutional-backed competitors entering the market, USDC's current volume lead over Tether may face fresh competitive pressure even as it continues outpacing its longtime rival for now.</p>
<p>The volume shift comes as adjusted stablecoin transaction volume overall hit a record $1.79 trillion in June 2026, up 63% from May and 125% from June 2025, reflecting explosive growth in stablecoin usage across the broader crypto and payments ecosystem. USDC's growing share of that expanding pie means the token has captured a disproportionate amount of the market's overall growth rather than simply maintaining pace with Tether.</p>
<p>Regulatory dynamics have played a significant role in the shift. Tether has not received authorization under the EU's MiCA framework as of early 2026 and was delisted from major EU-regulated exchanges including Coinbase, Binance, Kraken, and Crypto.com between December 2024 and March 2025. Circle, by contrast, holds MiCA authorization for both USDC and its euro-denominated EURC token through a French Electronic Money Institution license, giving it a clear regulatory advantage in the European market during this critical period.</p>
<p>Institutional adoption has further reinforced USDC's growth, with major traditional finance firms including Standard Chartered and BNY Mellon recently adding services tied to USDC, giving their clients access to digital-dollar settlement and treasury management tools built on the token. That institutional infrastructure integration reflects growing confidence among traditional financial firms in USDC's regulatory standing and operational reliability compared to less regulated stablecoin alternatives.</p>
<p>The competitive dynamics between USDC and USDT continue evolving amid a broader wave of new stablecoin entrants, including Open USD, a new stablecoin backed by Stripe, Visa, BlackRock, and more than 140 other businesses following the 2025 passage of the GENIUS Act's regulatory framework for stablecoins. With more institutional-backed competitors entering the market, USDC's current volume lead over Tether may face fresh competitive pressure even as it continues outpacing its longtime rival for now.</p>