USDC is emerging as a fast-growing challenger to USDT's dominance in business stablecoin payments, but Tether's token still commands nearly two-thirds of transaction volume across payment platforms. According to data from NOWPayments, a crypto payment infrastructure provider, USDC transaction count jumped 209.02% year over year in the first half of 2026, while USDT's transaction count actually declined 1.55% over the same period. Yet USDT maintained its commanding lead, accounting for 66.92% of stablecoin transaction volume on the platform.

The divergence between the two leading stablecoins reflects a fundamental shift in how businesses use digital assets. Stablecoins are no longer just payment acceptance tools; they have become embedded in core business operations. Companies now use USDT and USDC to move money throughout their daily workflows, from supplier settlements to payroll processing, rather than converting every incoming crypto payment back to traditional currency immediately.

Why Are Businesses Adopting Stablecoins for Operations Beyond Payments?

The operational use cases reveal why stablecoins have become business infrastructure rather than a niche payment option. By keeping operating funds in stablecoins, companies can execute outgoing transfers without the delays and fees associated with traditional banking. This is particularly valuable for distributed teams, marketplace platforms, and businesses with frequent cross-border settlements.

USDT's dominance persists despite its declining transaction activity. The fact that USDT accounts for 66.92% of transaction volume but only 41.32% of transaction count suggests that larger, higher-value transfers still flow through Tether's token. This pattern indicates that while USDC is gaining adoption among smaller transactions, USDT remains the preferred choice for substantial business transfers requiring maximum liquidity and ecosystem support.

How Are Businesses Choosing Between USDT and USDC?

The choice between stablecoins is increasingly tied to regulatory environment and geographic focus. USDC has gained traction particularly among businesses navigating Europe's Markets in Crypto-Assets Regulation (MiCA), which established clearer rules for stablecoin issuers and service providers. USDT, by contrast, offers unmatched global liquidity and broader ecosystem integration across multiple blockchain networks.

Network selection adds another layer to stablecoin strategy. Businesses using NOWPayments can route transactions across multiple blockchains, each with different cost and speed characteristics. This flexibility means that stablecoin choice and network choice are interdependent decisions, not separate ones.

Ways Businesses Are Structuring Stablecoin Operations

• Affiliate and Referral Commissions: Paying partners and affiliates directly in stablecoins eliminates conversion delays and reduces intermediary fees compared to traditional payment rails.
• Supplier and Contractor Payments: Businesses settle invoices with vendors using USDT or USDC, enabling faster payment cycles and reducing reliance on banking infrastructure.
• Marketplace Seller Withdrawals: Platforms allow creators and sellers to withdraw earnings in stablecoins, providing immediate access to funds without waiting for bank transfers.
• Payroll for Distributed Teams: Companies pay remote employees in stablecoins, simplifying cross-border payroll and reducing currency conversion costs.
• Creator and Influencer Payouts: Content platforms use stablecoins to settle earnings with creators, enabling faster and more transparent payment flows.
• Treasury Transfers: Finance teams move working capital between accounts and entities using stablecoins, reducing settlement time from days to minutes.

USDC's 101.63% growth in transaction volume year over year signals that regulated alternatives to USDT are gaining credibility among businesses. USDC's market share of stablecoin transaction volume on NOWPayments grew from 5.52% in H1 2025 to 8.95% in H1 2026, while its share of transaction count increased from 2.88% to 4.94%. This acceleration suggests that regulatory clarity and institutional confidence in Circle, USDC's issuer, are driving adoption.

"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, Chief Business Development Officer at NOWPayments.

Kate Lifshits, Chief Business Development Officer at NOWPayments

The emerging stablecoin landscape is not a zero-sum competition but rather a market segmented by use case and geography. USDT remains the scale leader for global operations requiring maximum liquidity and established transaction infrastructure. USDC is positioned as the growing alternative for businesses prioritizing regulatory clarity and integration with Europe's MiCA framework. For multinational companies, supporting both assets provides operational flexibility and reduces dependency on a single stablecoin issuer.

This bifurcation reflects broader trends in crypto infrastructure maturation. As stablecoins transition from speculative trading tools to operational payment infrastructure, businesses are making deliberate choices based on regulatory environment, network costs, and counterparty risk rather than simply adopting the largest or most liquid option. The data from NOWPayments suggests that this market segmentation will likely persist, with USDT maintaining dominance in high-value transfers and USDC capturing growing share in regulated markets and smaller transactions.