In the first half of the year, USDC’s adjusted trading volume share came close to 70%, while USDT was left with only 25%. Visa data, after excluding bot activity and transfers from exchanges, points to real economic activity. In 2020, USDT accounted for nearly 90%; today, USDC has overtaken it. Behind this is Wall Street banks such as Standard Chartered and Bank of New York Mellon having direct access to USDC settlement. After stablecoin adjustments in June, adjusted trading volume reached $1.79 trillion, up 63% month-on-month. However, the first-half total of $8.82 trillion was still lower than the same period in 2025, and the growth is not linear. USDC’s rise comes more from regulatory compliance windfalls than from overall market expansion. The risk is that USDC’s institutionalized path depends on Federal Reserve policy and the banking regulatory framework; if compliance costs rise or regulators shift their approach, its liquidity advantage could be quickly narrowed. Meanwhile, USDT’s channel resilience in non-U.S. dollar regions remains a structural variable.