Circle’s $USDC Stablecoin has widened the gap with competitor Tether $USDT Based on transaction volume in the first half of 2026, according to the latest data from Visa’s on-chain dashboard.
In June alone, stablecoin activity increased to a record $1.79 trillion in adjusted trading volume, an increase of 63% from $1.1 trillion in May and 125% from approximately $795 billion in June 2025. Visa removes bot activity, foreign exchange transfers, and other blockchain transactions that do not reflect real economic activity before calculating adjusted transaction volumes.
These numbers come as banks and other financial institutions expand their use of stablecoins in payments, settlements, and treasury operations. Standard Chartered and BNY recently added services around Circles $USDC This also reflects a broader shift towards the use of established stablecoin networks as activity and demand for fiat-pegged digital assets increases.
Adjusted stablecoin trading volume in the first six months of this year totaled $8.82 trillion. This is more than the $5.8 trillion recorded through 2024 and $2 trillion less than the $10.8 trillion recorded in 2025.
$USDC It accounted for approximately 70% of adjusted trading volume in the first half of 2026. $USDT It accounts for approximately 25%.
