Amsterdam, Netherlands, August 14th, 2026 - New transaction data from NOWPayments illustrates a shifting pattern in how businesses use stablecoins. While USDT remains the primary vehicle for high-value transfers on the platform, USDC is registering notable growth in both the number of transactions and total transaction volume during the first half of 2026.
NOWPayments’ H1 2026 figures show a marked divergence in the stablecoin market on its platform. USDC transaction count expanded 209.02% year over year and its transaction volume rose 101.63% year over year. In contrast, USDT transaction activity fell: transaction count decreased 1.55% and transaction volume declined 14.99% compared with H1 2025.
These shifts have created a more differentiated environment for business stablecoin usage. USDT still provides the broad liquidity and transaction scale many companies rely on globally; USDC is growing more rapidly and is becoming a clearer option for firms integrating with regulated European infrastructure.
Stablecoins moving from payments to operational infrastructure
NOWPayments’ data underscore a transition: stablecoins are increasingly woven into businesses’ day-to-day financial workflows rather than serving only as a means to accept crypto payments. After a payment is received, companies use stablecoins to move money across a variety of operational needs.
Common operational use cases identified on the platform include:
- Affiliate and referral commission payments
- Supplier and contractor settlements
- Marketplace seller withdrawals
- Payroll for distributed teams
- Creator and influencer payouts
- Treasury transfers and working-capital movements
Rather than converting all incoming crypto receipts into fiat immediately, many businesses retain part of their operating funds in stablecoins and execute routine internal transfers and payouts directly in USDT or USDC.
Scale versus momentum: how USDT and USDC compare
The NOWPayments dataset highlights a clear split between scale and growth momentum. By transaction volume, USDT remains dominant. The token accounted for 66.92% of stablecoin transaction volume on the platform in H1 2026. That share is substantially higher than USDT’s share of transaction count, which stood at 41.32% for the same period, indicating USDT’s outsized role in larger-value business transfers.
Despite this dominance in dollar value, USDT’s activity on the platform fell year over year: transaction count slipped 1.55% and transaction volume dropped 14.99% compared with H1 2025. Those declines occurred even as USDT continued to represent the largest slice of the platform’s stablecoin value flows.
USDC, meanwhile, has increased its presence quickly from a smaller base. In H1 2026, USDC transactions rose 209.02% in count and 101.63% in volume year over year. Its share of transaction count on NOWPayments increased from 2.88% in 2025 to 4.94% in 2026, and its share of transaction volume moved from 5.52% to 8.95% over the same comparison.
NOWPayments’ platform-level figures do not reveal the motives of individual businesses, but the growth in USDC activity and market share on the platform suggests the asset is gaining traction alongside USDT for operational payments and payouts.
Network choice complicates stablecoin strategy
Selecting a stablecoin is only one part of the infrastructure decision. The blockchain network used for transfers also matters, with businesses choosing networks based on transaction costs, settlement speed, recipient compatibility, and the degree of ecosystem support.
NOWPayments supports processing stablecoin transactions across multiple networks. On the platform, USDT is available on networks including TRON, Ethereum, BNB Smart Chain and Polygon. USDC is supported on Ethereum, Base, Polygon and Arbitrum. These options add flexibility but also require businesses to consider network-specific tradeoffs when designing payment and payout workflows.
Two assets, distinct business advantages
The divergence between USDT and USDC is not limited to raw growth rates. The two stablecoins are increasingly serving different business needs. USDT continues to offer deep liquidity and a broad global footprint, advantages that matter for businesses executing higher-value transfers across international partners.
USDC, while smaller in overall share, has a more distinct positioning within Europe’s MiCA-regulated environment. The token’s regulatory profile in that jurisdiction can make it simpler for some businesses to integrate with regulated crypto infrastructure and service providers operating under European rules.
MiCA does not forbid individuals or businesses from holding or transferring USDT, but regulated exchanges, custodians, payment providers and other crypto asset service providers may impose restrictions in order to meet their compliance obligations. That regulatory context factors into how companies choose between—or decide to support both—stablecoins.
Implications for business treasury and payments operations
The NOWPayments findings point to a market shaped by complementary strengths rather than a single dominant winner. USDT remains the scale leader, responsible for 66.92% of stablecoin transaction volume on the platform in H1 2026. USDC, though representing a smaller overall share, produced much stronger year-over-year growth: transaction count up 209.02% and transaction volume up 101.63%.
For many firms the practical takeaway is not an exclusive choice of one token over another. As Kate Lifshits, CBDO of NOWPayments, put it: "For many businesses, the question is no longer necessarily USDT or USDC. Supporting both can provide more flexibility across markets, partners, and operational requirements."
That dual-support approach can allow companies to use USDT where liquidity and scale are paramount and USDC where regulatory clarity within Europe or integration with regional service providers is a priority.
About NOWPayments
NOWPayments is a commercial crypto ecosystem aimed at helping businesses accept payments, automate mass payouts, manage stablecoin treasuries and scale digital-asset operations using a single infrastructure. The platform supports more than 350 cryptocurrencies and over 30 stablecoins, offers flexible settlement choices and enterprise-grade APIs, and provides features intended for high-volume operations such as near-instant email payouts and 24/7 operational support.
Data note
Unless otherwise stated, all figures and shares referenced in this article refer to USDT and USDC transaction activity processed through the NOWPayments platform between 2025 and 2026.