Visa’s adjusted methodology strips out bots, intra-exchange churn, and wallets over 1,000 txs or $10m in any 30-day window. USDC’s 70% H1 share is a cleaner read on settlement demand because Visa is comparing adjusted volume, not raw transfers, in H1 2026. BNY and Standard Chartered adding USDC rails puts Circle in the bank-facing dollar pipe while Tether keeps the offshore liquidity base, $8.82T adjusted stablecoin volume in H1 2026.

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