Stablecoin Trading Volume 2026
USDC leads USDT — Stablecoin trading volume is set to break records in 2026, with adjusted transaction volume in June 2026 reaching $1.79 trillion. That June adjusted figure represents a 63% increase from May 2026’s $1.1 trillion and a 125% increase from June 2025’s $795 billion. These headline figures report adjusted transaction volumes for the specified months and present the principal month‑over‑month and year‑over‑year comparisons for June 2026, as reported for those months, without additional breakdowns.
During the first half of 2026, adjusted stablecoin transaction volumes reached $8.82 trillion. This impressive figure exceeds the total volume for the entire year of 2024, which was $5.8 trillion. The 2026 performance is closing in on 2025’s annual record of $10.8 trillion. This significant year-over-year and half-year increase reflects growing adoption and usage of stablecoins. These calculations are based on Visa’s adjusted volume method, which filters out transactions like bot activity and non-economic blockchain transfers to ensure accuracy in reporting real financial activities.
USDC Leads USDT in Adjusted Market Share
The market dynamics for stablecoins have seen a significant transformation from 2020 to the first half of 2026. In 2020, Tether (USDT) dominated the adjusted transaction volume with nearly 90%, whereas USD Coin (USDC) accounted for less than 10%. By 2022, the gap narrowed considerably, with USDC capturing approximately 45% of the market share.
This growth trajectory continued, leading to USDC capturing about 70% of the adjusted stablecoin transaction volume during the first half of 2026, effectively positioning it ahead of USDT, which held around 25% during the same period. This shift indicates a changing preference amongst users towards USDC over USDT, possibly reflecting perceptions of security, stability, or utility facilitated by platforms like Circle.
These figures are derived using Visa’s adjusted volume calculation, which ensures the exclusion of non-economic activities like bot transactions and exchange transfers.
Visa’s adjusted transaction volume metric excludes blockchain transactions that do not reflect real economic activity as part of its adjustment process. The adjustments explicitly remove identified bot activity from reported stablecoin transaction flows. They also remove exchange transfers and other blockchain transactions that Visa treats as non‑economic for the purposes of adjusted reporting. These exclusions are applied before Visa calculates the adjusted transaction volume figure.
Stablecoin trading volume in 2026 has shown strong growth, marked by new record monthly and half‑year adjusted transaction figures reported for the year. These reported figures use Visa’s adjusted‑volume methodology, which excludes non‑economic blockchain activity such as bot traffic, exchange transfers and other transactions that Visa classifies as non‑economic before producing adjusted totals. Within those adjusted‑volume measures for 2026, USD Coin (USDC) has the leading share compared with Tether (USDT).
