Stablecoin Business Usage Trends: USDT vs USDC

USDC transaction counts on the NOWPayments platform surged 209.02% year-over-year in the first half of 2026, signaling a rapid shift in how businesses manage digital asset operations [1]. While USDT maintains its position as the primary stablecoin for high-value transfers, the data reveals a growing bifurcation in the market as firms increasingly integrate stablecoins into core treasury and payroll infrastructure [1].

The divergence in stablecoin adoption

USDT continues to command the largest share of business stablecoin activity, accounting for 66.92% of transaction volume on NOWPayments during the first half of 2026 [1]. Despite this dominance, its usage is cooling; transaction counts fell 1.55% and volume dropped 14.99% compared to the same period in 2025 [1]. Analysts suggest that USDT’s higher share of volume relative to its 41.32% share of transaction count confirms its role as the preferred vehicle for large-scale, high-value institutional settlements [1].

Conversely, USDC is capturing momentum from a smaller base. Its share of total transaction volume on the platform rose to 8.95% in the first half of 2026, up from 5.52% the previous year [1]. This growth coincides with a broader trend of businesses moving beyond simple payment acceptance to using stablecoins for recurring operational needs, including affiliate commissions, payroll for distributed teams, and supplier settlements [1].

Regulatory and infrastructure factors

The choice between stablecoins is increasingly dictated by regional regulatory environments and network compatibility. For global operations, USDT remains the standard for liquidity, but USDC is gaining traction among firms navigating Europe’s Markets in Crypto-Assets (MiCA) regulatory framework [1]. While MiCA does not prohibit the use of USDT, the regulatory positioning of USDC simplifies integration for many European-based payment providers and custodians [1].

This shift occurs within a wider European payment landscape that remains heavily reliant on traditional methods. A recent European Central Bank report indicates that while mobile payment acceptance in the euro area has nearly doubled to 68% since 2024, cash remains a primary benchmark for reliability, with 92% of physical businesses still accepting it [2]. As a result, firms are increasingly adopting a "multi-rail" strategy, building infrastructure that allows for the seamless movement of funds between cash, instant bank payments, and stablecoins [2].

What to watch

• Stablecoin Market Share: Monitor whether USDC’s growth in transaction count continues to translate into a larger percentage of total transaction volume as it gains wider acceptance in European markets [1].
• Network Integration: Observe which blockchain networks—such as Base, Polygon, or Arbitrum—gain the most traction for USDC settlements as businesses prioritize transaction costs and speed [1].
• Regulatory Shifts: Track how crypto asset service providers adjust their support for USDT and USDC as MiCA compliance requirements evolve for European operations [1].

The data suggests that for modern enterprises, the stablecoin strategy is moving away from choosing a single asset toward a flexible, multi-asset approach. Whether this trend toward operational stablecoin usage will eventually challenge the dominance of traditional fiat payment rails remains the central question for the industry.