USDT still dominates stablecoin payments on NOWPayments, but USDC is closing the gap. In the first half of 2026, USDC transaction count on the platform jumped 209.02% year-over-year, while transaction volume rose 101.63%. USDT, meanwhile, saw its count dip 1.55% and volume fall 14.99%.
The numbers behind the shift
USDT accounted for 66.92% of stablecoin transaction volume on NOWPayments in H1 2026, down from a larger share the year before. Its share of transaction count stood at 41.32%, which suggests USDT transactions carry a higher average value than USDC's. USDC's share of stablecoin transaction count climbed from 2.88% in 2025 to 4.94% in 2026, and its share of volume rose from 5.52% to 8.95%.
The shift is real but still modest. USDT remains the default for large transfers, while USDC is growing faster from a smaller base.
Why USDC is picking up
USDC's clearer regulatory position within Europe's MiCA framework is one factor. NOWPayments supports USDC on Ethereum, Base, Polygon, and Arbitrum, giving users multiple low-cost options. USDT runs on TRON, Ethereum, BNB Smart Chain, and Polygon. The multi-chain support for USDC, especially on Base and Arbitrum, may be drawing in users who want faster, cheaper settlements.
USDT still offers global scale and liquidity that USDC can't match yet. But for businesses operating in Europe or dealing with regulated counterparties, USDC's compliance profile is a selling point.
Stablecoins move beyond checkout
The data also shows stablecoins are no longer just for accepting payments. NOWPayments reports growing use for affiliate commissions, supplier settlements, payroll, treasury transfers, and customer withdrawals. That's a broader set of business operations than the typical merchant checkout flow.
This expansion into back-office functions could explain why USDC is gaining traction. Payroll and supplier payments often require more regulatory certainty than a one-off customer purchase.
A platform-specific picture
These numbers come from NOWPayments' own transaction data between 2025 and 2026, not the entire stablecoin market. The platform's user base skews toward crypto-native businesses, so the trends here may not match the broader market. Still, the direction is clear: USDC is growing faster, and USDT is losing a little ground.
Whether that continues depends on how MiCA enforcement plays out and whether USDT's liquidity advantage holds. The next quarterly data from NOWPayments will show if this is a blip or a trend.
