NOWPayments data for the first half of 2026 indicates a notable divergence in stablecoin transaction activity. While Tether (USDT) continues to dominate in overall transaction volume, USD Coin (USDC) is demonstrating substantial growth in both transaction count and volume. This trend suggests businesses are increasingly integrating stablecoins into their operations, with their choices influenced by factors such as transaction value and the evolving regulatory landscape.
According to NOWPayments analysis, USDT accounted for 66.92% of stablecoin transaction volume on its platform during H1 2026. Despite this volume leadership, USDT’s transaction count saw a slight decline of 1.55% and its transaction volume fell by 14.99% compared to H1 2025. The data indicates that USDT’s substantial share of transaction volume, relative to its transaction count share of 41.32%, suggests its continued utility for higher-value business transfers.
In contrast, USDC experienced significant expansion. Its transaction count surged by 209.02% year-over-year, and transaction volume increased by 101.63% in H1 2026. Although USDC’s overall market share remains smaller than USDT’s, its rapid growth trajectory is a key development. USDC’s share of stablecoin transaction count rose from 2.88% in 2025 to 4.94% in H1 2026, and its share of transaction volume increased from 5.52% to 8.95% over the same period.
These figures highlight a broader trend: stablecoins are evolving beyond simple payment options to become integral components of business infrastructure. Businesses are increasingly relying on both USDT and USDC for a range of operations, including affiliate commissions, supplier settlements, marketplace payouts, payroll, treasury transfers, and customer withdrawals. This integration allows for more fluid management of funds within daily workflows.
The choice between USDT and USDC may also be influenced by the prevailing regulatory environment. USDC appears to be gaining traction, particularly among companies operating within Europe’s regulated markets, such as those adhering to the Markets in Crypto-Assets (MiCA) framework. While MiCA does not prohibit the holding or transfer of USDT, regulated entities may impose their own compliance-driven restrictions. USDT, conversely, continues to offer global scale and liquidity, often preferred for international transactions.
For businesses operating across diverse markets, supporting both USDT and USDC can offer enhanced flexibility. The emerging picture for businesses is less about selecting a single dominant stablecoin and more about choosing the appropriate infrastructure that aligns with specific market needs, operational requirements, and regulatory considerations. The NOWPayments data underscores this evolving landscape, where USDT provides established scale and liquidity, while USDC offers significant growth momentum and a clearer position within regulated European markets.
Why This Matters
The materials describe a narrow update: NOWPayments released data for H1 2026 showing that USDT continues to dominate stablecoin transaction volume on its platform, accounting for 66. The specific reasons behind individual business decisions to use USDT or USDC are not explained by the NOWPayments data.
Broader Context
Source materials place the factual news in this context: Unless otherwise stated, all figures refer to USDT and USDC transaction activity processed through the NOWPayments platform.
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