Data from NOWPayments reveals that USDT maintains its dominant position in the business stablecoin market, accounting for 66.92% of transaction volume in H1 2026 despite a 14.99% volume decline. Meanwhile, USDC is gaining rapid momentum, with transaction count surging 209.02% and volume rising 101.63% year over year. This shift highlights a bifurcated market where businesses utilize USDT for global liquidity and scale, and increasingly adopt USDC for its clearer regulatory alignment under Europe's MiCA framework.
USDT transaction volume dominance
- ▪USDT accounted for 41.32% of the stablecoin transaction count on the NOWPayments platform in H1 2026.
- ▪In H1 2026, USDT transaction count on the NOWPayments platform declined by 1.55% and its transaction volume fell by 14.99% compared to H1 2025.
- ▪USDT accounted for 66.92% of stablecoin transaction volume on the NOWPayments platform in H1 2026, maintaining its position as the dominant stablecoin by volume.
USDC rapid growth rates
- ▪USDC's share of stablecoin transaction count on NOWPayments increased from 2.88% in 2025 to 4.94% in 2026, while its volume share rose from 5.52% to 8.95%.
- ▪USDC transaction count on the NOWPayments platform increased by 209.02% year over year in H1 2026.
- ▪USDC transaction volume on the NOWPayments platform rose by 101.63% year over year in H1 2026.
Stablecoin operational workflows
- ▪NOWPayments is a crypto business ecosystem that supports over 350 cryptocurrencies and 30 stablecoins to help companies accept payments, automate payouts, and manage treasury.
- ▪Businesses are increasingly using stablecoins like USDT and USDC for operational workflows including affiliate commissions, supplier settlements, marketplace payouts, payroll, and treasury transfers.
MiCA regulatory compliance
- ▪The MiCA regulatory framework does not prohibit businesses or individuals from holding or transferring USDT, though regulated crypto asset service providers may apply restrictions.
- ▪Under Europe's MiCA regulatory framework, USDC's regulatory positioning can make it easier for businesses to integrate with regulated European crypto infrastructure.
Multi-chain network infrastructure
- ▪NOWPayments allows businesses to process USDT transactions across multiple blockchain networks, specifically TRON, Ethereum, BNB Smart Chain, and Polygon.
- ▪NOWPayments supports USDC transactions across several blockchain networks, including Ethereum, Base, Polygon, and Arbitrum.
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