Circle’s USDC stablecoin processed approximately 70% of all adjusted transaction volume in the first half of 2026. Visa's on-chain dashboard reported that USDC handled a record $1.21 trillion in June. Total stablecoin volume reached $1.79 trillion during that month. USDC’s volume is now more than double that of its primary competitor, Tether’s USDT.
This shift, described as a quiet flippening, reverses the 2020 market structure when USDT controlled nearly 90% of volume. Analysts attribute USDC's ascendancy to its focus on regulation and compliance. Major financial institutions now use the asset for institutional settlement and treasury management. This adoption has secured Circle a lead in bank-led digital currency usage.