Circle’s USDC is leaving Tether behind in the stablecoin volume race, new data from Visa shows
Visa data indicates that Circle's USDC has overtaken Tether in adjusted transaction volume, capturing 70% of the market in the first half of 2026. This shift reflects a growing preference among financial institutions for regulated stablecoin networks over traditional alternatives.
In June alone, stablecoin activity increased to a record $1.79 trillion in adjusted transaction volume, up 63% from May's $1.1 trillion and 125% from about $795 billion in June 2025. Visa removes bot activity, exchange transfers and other blockchain transactions that do not reflect real economic activity before calculating adjusted volume.
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