Visa data shows USDC at ~70% of adjusted stablecoin volume in H1 2026
Adjusted stablecoin transaction volume hit a record $1.79T in June as USDT held roughly 25% share.
Visa’s onchain stablecoin dashboard shows USDC captured about 70% of adjusted stablecoin transaction volume in the first half of 2026, versus roughly 25% for USDT. The same dataset shows adjusted stablecoin transaction volume reached a record $1.79 trillion in June, accelerating sharply from May and from a year earlier.
Key Takeaways
- USDC represented about 70% of Visa’s adjusted stablecoin transaction volume in H1 2026, while USDT accounted for roughly 25%.
- June 2026 adjusted stablecoin transaction volume reached a record $1.79 trillion, up from $1.1 trillion in May and about $795 billion in June 2025.
- H1 2026 adjusted stablecoin transaction volume totaled $8.82 trillion, above 2024’s $5.8 trillion full-year total and about $2 trillion below 2025’s $10.8 trillion record.
- Visa’s adjusted methodology excludes bot activity, exchange transfers, and other transactions it does not treat as real economic activity.
USDC Extends Its Lead Over USDT in Visa’s Adjusted Volume Data
Visa’s onchain dashboard data puts Circle’s USDC in clear control of stablecoin transaction volume once activity is filtered through Visa’s “adjusted” methodology. In the first half of 2026, USDC accounted for about 70% of adjusted stablecoin transaction volume, while Tether’s USDT represented roughly 25%.
For traders, that split matters less as a popularity contest and more as a proxy for which dollar rail is being used when the noise is stripped out. If adjusted volume is capturing economically relevant flows, then USDC is increasingly the unit moving through the pipes that connect venues, settlement workflows, and treasury operations.
The longer-run context reinforces the magnitude of the flip. Visa’s series shows USDT made up nearly 90% of adjusted transaction volume in 2020, with USDC under 10%. By 2022, USDC had climbed to about 45%. H1 2026’s ~70% share versus ~25% for USDT reads as a reversal of earlier-cycle dominance patterns, not a marginal drift.
June’s $1.79T Record Pushes H1 2026 to $8.82T
The share shift landed alongside a step-change in the headline activity number. Adjusted stablecoin transaction volume hit a record $1.79 trillion in June 2026, up 63% from May’s $1.1 trillion and up 125% from about $795 billion in June 2025.
Because the figure is “adjusted,” the June spike looks more like an acceleration in economically relevant stablecoin usage than a simple burst of raw onchain churn. That distinction is the difference between a market structure signal and a vanity metric.
Zooming out, the first six months of 2026 totaled $8.82 trillion in adjusted stablecoin transaction volume. That already exceeds the $5.8 trillion recorded during all of 2024, but it is still about $2 trillion below the record $10.8 trillion reported in 2025. Even after a record June, the implied 2026 run-rate is not yet back to 2025’s pace, which gives traders a clean benchmark for whether this year is re-accelerating or simply catching up after a slower start.
Inside Visa’s ‘Adjusted’ Stablecoin Volume: What Gets Removed
Visa frames its adjusted metric as a filter designed to approximate real economic activity rather than blockchain throughput. “Visa removes bot activity, exchange transfers and other blockchain transactions that do not reflect real economic activity before calculating adjusted volume.”
That methodology is doing heavy lifting in how the market should interpret the June record and USDC’s share. If exchange transfers and bot-driven loops are excluded, then the remaining volume is more likely to reflect payments, settlement, and treasury-style movement. The packet does not include a direct link to the dashboard or granular coverage details like which chains and stablecoins are included, which limits independent replication of the figures from the excerpt alone.
Signals Traders Should Track After the USDC Share Surge
The first signal is persistence. The threshold that matters is whether Visa’s adjusted stablecoin transaction volume can stay near or above the $1 trillion monthly level after June’s $1.79 trillion print.
Second is whether the USDC versus USDT split continues to widen or stabilizes after H1 2026’s ~70% versus ~25% distribution. A plateau would suggest a new equilibrium. Another leg higher would imply the rail choice is still in motion.
Third is institutional behavior. Standard Chartered and BNY have recently added services around Circle’s USDC rather than building proprietary infrastructure, aligning with the idea that banks are opting into an existing network as stablecoin usage expands for payments, settlement, and treasury operations.
Finally, methodology clarity is a catalyst risk. More granular disclosure from Visa on included chains, stablecoins, and adjustment rules could change how traders weight the metric, especially if coverage shifts over time.
What USDC’s Volume Share Could Be Telling the Market
I treat Visa’s adjusted series as a market-structure lens, not a scoreboard. The June jump is notable because it comes after Visa strips out bot activity and exchange transfers, which makes the $1.79 trillion print look closer to a real usage acceleration than a throughput mirage.
The real test is whether the post-June run-rate holds while USDC maintains anything like a 70% share. If that combination persists, the setup starts to look structural rather than narrative-driven, with USDC increasingly functioning as the default settlement unit in the activity Visa is trying to measure.
