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USDC is moving fast. Transaction counts on NOWPayments jumped 209.02% year over year in the first half of 2026, and that number is hard to ignore when you’re watching stablecoin market share shift in real time.
USDT isn’t going anywhere, though. It still controlled 66.92% of total stablecoin transaction volume on NOWPayments during H1 2026, and its transaction count share sat at 41.32%. Yes, USDT’s transaction count dipped 1.55% and its overall transaction volume fell 14.99% — but those are relative dips for an asset that basically runs global crypto commerce at scale. The liquidity is there. The business relationships are there. High-value transfers still flow through USDT because companies need the depth it provides, and that’s not changing overnight.
USDC’s volume share climbed from 5.52% in 2025 to 8.95% in 2026, and transaction volume rose 101.63% over the same stretch. That’s not a blip.
What’s Driving USDC’s Surge
The regulatory angle is probably the biggest piece of this. Europe’s MiCA framework — the Markets in Crypto-Assets regulation — has pushed businesses operating in EU jurisdictions toward stablecoins that fit cleanly inside the rules. USDC fits. Its regulatory alignment with MiCA gives European companies a clearer path to compliant crypto infrastructure, and that’s showing up in the numbers on NOWPayments’ platform.
It’s worth stepping back for a second here. Stablecoins aren’t just payment rails for crypto traders anymore. Businesses are using them to pay suppliers, run affiliate commission programs, handle payroll for distributed teams spread across time zones and borders. The use cases have expanded well beyond “accept crypto at checkout.” So when USDC’s transaction count nearly triples in a year, it’s probably not just speculative activity — it’s companies building USDC into actual financial workflows.
And the network choices matter more than people think. Businesses on NOWPayments can process USDT across Ethereum, TRON, and BNB Smart Chain, among others. USDC runs on Ethereum, Base, and Arbitrum on the platform. Each network comes with different cost structures and settlement speeds, and those differences shape how a company builds its payment infrastructure. A business running high-frequency, lower-value transactions picks differently than one moving large sums less often. TRON, for instance, has long been favored for cheap, fast USDT transfers — especially in markets where transaction fees are a real operational concern.
USDT vs. USDC: Not Really a Competition
Here’s the thing — framing USDT and USDC as rivals kind of misses the point. The NOWPayments data basically suggests businesses aren’t choosing one or the other. They’re running both. USDT for global scale and deep liquidity. USDC for regulated markets, particularly in Europe. A dual approach gives companies flexibility across different jurisdictions and different transaction types, and that’s probably the smarter play right now given how fragmented the regulatory environment still is.
USDT’s dominance in raw volume makes sense when you look at where global stablecoin activity concentrates. Emerging markets, cross-border B2B payments, high-volume merchant settlements — USDT is deeply embedded in all of it. The infrastructure has been built around it for years. Switching costs are real, and most businesses aren’t going to rip out working systems just because a competitor stablecoin is growing fast.
But USDC’s growth rate is the story here. A 209% jump in transaction count isn’t something you see from a marginal player. It’s the kind of number that gets treasury teams paying attention.
Network Strategy Shapes Business Decisions
The blockchain network question is genuinely underrated as a business factor. Settlement speed and cost aren’t abstract — they hit the bottom line. A company paying affiliates weekly in USDC needs to know whether it’s routing through Ethereum mainnet or Base, because the fee difference is meaningful at scale. Arbitrum gives businesses another option, with lower costs than mainnet while staying within the Ethereum ecosystem.
USDT’s multi-network presence on TRON and Ethereum gives it a similar flexibility, and BNB Smart Chain adds another lane for businesses already operating in that ecosystem. The point is that network selection has become a strategic decision, not just a technical one.
NOWPayments’ H1 2026 data doesn’t tell us where this goes from here. Regulatory changes could accelerate USDC’s European adoption further. USDT’s global liquidity position is probably too entrenched to erode quickly. And the businesses caught in between are increasingly leaning on both rather than betting on one.
USDC’s transaction count share on NOWPayments was 8.95% in H1 2026, up from 5.52% the year before.
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Frequently Asked Questions
How much did USDC transaction count grow on NOWPayments in H1 2026?
USDC transaction count on NOWPayments rose 209.02% year over year in the first half of 2026, with transaction volume up 101.63% over the same period.
What share of stablecoin transaction volume does USDT hold on NOWPayments?
USDT accounted for 66.92% of total stablecoin transaction volume on NOWPayments in H1 2026, despite a 14.99% decline in its transaction volume compared to the prior year.
Why It Matters
The significant increase in USDC's transaction counts on NOWPayments highlights a growing interest in alternative stablecoins as users seek options beyond USDT, which has long dominated the market. This shift in transaction dynamics may indicate a broader trend of diversification within the stablecoin ecosystem, potentially leading to increased competition and innovation in the sector. As USDC gains traction, it may also impact liquidity and trading strategies among users and investors, further shaping the future of stablecoin adoption.
