USDT Dominates Stablecoin Business Volume, But USDC Shows Rapid Growth, NOWPayments Reports

Tether's USDT continues to be the dominant stablecoin for business transactions by a wide margin, though new data shows Circle's USDC is experiencing rapid growth from a smaller base. A report from crypto payments firm NOWPayments, analyzing activity on its platform in the first half of 2026, highlights a diverging trend where USDT maintains its leadership in scale while USDC shows stronger momentum.

Key Transaction Trends

Data from the NOWPayments platform for the first half of 2026, compared to the same period in 2025, reveals a significant shift in growth trajectories for the two largest stablecoins.

• USDT: Transaction count declined by 1.55% and transaction volume fell by 14.99% year-over-year. Despite this, it still accounted for 66.92% of all stablecoin transaction volume on the platform.
• USDC: Transaction count surged by 209.02%, while its transaction volume increased by 101.63%. This growth raised its share of platform transaction volume from 5.52% to 8.95%.

The figures suggest that while USDT is used for larger-value transfers, USDC is rapidly gaining adoption for a higher number of transactions.

A Shift to Business Infrastructure

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The report notes that businesses are increasingly using stablecoins not just for accepting customer payments but as integral operational infrastructure. Use cases now commonly include settling supplier invoices, paying affiliate commissions, managing payroll for global teams, and handling treasury transfers.

This evolution is creating distinct roles for each stablecoin. USDT's primary advantages remain its deep liquidity and broad global ecosystem support. In contrast, USDC is emerging as a preferred alternative for companies navigating regulated markets, particularly within Europe's Markets in Crypto-Assets (MiCA) framework, which gives it a clearer regulatory position.

Market Implications

The findings from NOWPayments suggest the stablecoin market is not a zero-sum game but rather one of specialized use cases. Businesses are selecting stablecoins based on their specific operational needs, whether for global scale or for easier integration with regulated financial infrastructure in regions like Europe.

"For many businesses, the question is no longer necessarily USDT or USDC," said Kate Lifshits, CBDO of NOWPayments, in a statement. "Supporting both can provide more flexibility across markets, partners, and operational requirements."