USDT Still Leads StablecoinVolume as USDC Gains Momentum, NOWPayments Data Shows
Amsterdam, Netherlands, August 14th, 2026, Chainwire
USDT remains the dominant stablecoin by business transaction volume on NOWPayments, but new platform data shows USDC gaining momentum fast. In H1 2026, USDC transaction count increased 209.02% year over year and transaction volume rose 101.63%, while USDT transaction activity declined over the same period.
The result is an increasingly differentiated stablecoin landscape: USDT continues to offer the scale and liquidity businesses rely on globally, while USDC is emerging as a growing alternative, particularly for companies navigating regulated European infrastructure.
Stablecoins are no longer used only to accept crypto payments. Businesses are increasingly relying on USDT and USDC to move money throughout their daily operations, from affiliate commissions and supplier settlements to marketplace payouts, payroll, treasury transfers, and customer withdrawals. As more companies build these workflows around digital assets, stablecoins are becoming an important part of business infrastructure rather than simply another payment option.
Drawing on USDT and USDC transaction activity across the NOWPayments platform between 2025 and 2026, this report examines how business stablecoin usage is evolving and the blockchain networks supporting that activity.
*Unless otherwise stated, all figures refer to USDT and USDC transaction activity processed through the NOWPayments platform.
Stablecoins Are Becoming Business Infrastructure
For many businesses, accepting a crypto payment is only the first step. Once funds are received, they still need to move through the business. Suppliers need to be paid, affiliates receive commissions, marketplace sellers withdraw earnings, employees collect salaries, and finance teams transfer working capital between accounts.
Instead of converting every incoming payment into fiat, many businesses now keep part of their operating funds in stablecoins and use them directly for day-to-day settlements.
Common operational use cases include:
- Affiliate and referral commissions
- Supplier and contractor payments
- Marketplace seller withdrawals
- Payroll for distributed teams
- Creator and influencer payouts
- Treasury transfers
For many businesses, stablecoins now support both incoming payments and outgoing transfers within the same operational workflow.
Business Stablecoin Adoption: USDT and USDC
The data reveals a clear divergence between scale and momentum. USDT remains the dominant stablecoin by transaction volume, while USDC is growing significantly faster from a smaller base.
USDT Still Leads Business Stablecoin Volume
USDT continues to account for the largest share of business stablecoin transaction activity, particularly by transaction volume.
USDT’s lead remains substantial, even as its transaction activity declined year over year. In H1 2026, USDT transaction count declined 1.55% compared with H1 2025, while transaction volume fell 14.99%. Even so, USDT accounted for 66.92% of stablecoin transaction volume on NOWPayments in H1 2026. Its substantially higher share of transaction volume than transaction count (41.32%) suggests that USDT continues to play a particularly important role in higher-value business transfers.
USDC Gains Momentum Fast
USDC is becoming an increasingly important part of business stablecoin adoption.
USDC remains much smaller than USDT by overall transaction share, but it is showing substantially stronger growth. In H1 2026, USDC transaction count increased 209.02% year over year, while transaction volume rose 101.63% year over year.
Its share of stablecoin transaction count also increased from 2.88% in 2025 to 4.94% in 2026, while its share of transaction volume rose from 5.52% to 8.95%. While NOWPayments data does not explain individual business decisions, the increase in both USDC transaction activity and transaction share indicates that USDC is gaining ground alongside USDT on the platform.
Network Choice Adds Another Layer to Stablecoin Strategy
Stablecoin choice is only part of the infrastructure decision. Businesses also select networks based on transaction costs, settlement speed, recipient compatibility, and ecosystem support.
Businesses using NOWPayments can process stablecoin transactions across multiple blockchain networks, including:
USDT
- TRON
- Ethereum
- BNB Smart Chain
- Polygon
USDC
- Ethereum
- Base
- Polygon
- Arbitrum
Two Stablecoins, Two Business Advantages
The divergence between USDT and USDC is not only about transaction growth. The two assets increasingly offer businesses different advantages: USDT combines global scale and liquidity, while USDC has a clearer position within Europe’s MiCA-regulated environment.
USDT and USDC Under MiCA
For global operations, USDT’s liquidity and broad ecosystem support remain significant advantages. For businesses focused on Europe, USDC’s regulatory positioning can make it easier to integrate with regulated crypto infrastructure. For companies operating across both environments, supporting both assets can provide greater flexibility.
Businesses looking for a detailed legal analysis can explore NOWPayments’ analysis of USDC under MiCA and comparison of USDT and USDC under MiCA, which examine the regulatory framework and its practical implications for payment and payout infrastructure.
MiCA does not prohibit businesses or individuals from holding or transferring USDT. However, regulated exchanges, custodians, payment providers, and other crypto asset service providers may apply restrictions based on their own compliance obligations.
What the Findings Mean
NOWPayments data points to a stablecoin market defined by two different strengths. USDT remains the scale leader, accounting for 66.92% of stablecoin transaction volume in H1 2026. USDC remains much smaller, but its 209.02% growth in transaction count and 101.63% growth in transaction volume show significantly stronger momentum.
For businesses, the emerging picture is less about choosing a winner and more about choosing the right infrastructure for the market: USDT for global liquidity and established transaction scale and USDC for growing adoption and a clearer regulatory position in Europe.
“For many businesses, the question is no longer necessarily USDT or USDC. Supporting both can provide more flexibility across markets, partners, and operational requirements,” said Kate Lifshits, CBDO of NOWPayments.
About NOWPayments
NOWPayments is a crypto business ecosystem designed to help companies accept payments, automate mass payouts, manage stablecoin treasury, and scale global digital asset operations through a single infrastructure. Supporting 350+ cryptocurrencies, 30+ stablecoins, flexible settlement options, and enterprise-grade APIs, the platform helps businesses build scalable global payment operations. With 99% of payments completed in under one minute, near-instant email payouts, enterprise automation, and 24/7 operational support, NOWPayments provides the infrastructure businesses need to monetize, move, and manage digital assets at scale.