USDC has surpassed USDT in adjusted transaction volume for the first time since 2019, signaling a significant shift in the stablecoin market.
Circle's USDC stablecoin has outpaced Tether's USDT in adjusted transaction volume for the first time since 2019, according to Mizuho analysts. USDC's volume reached approximately $2.2 trillion, significantly higher than USDT's $1.3 trillion, marking a shift in the stablecoin landscape.
This development reverses a trend where USDT had consistently led in transaction activity from 2019 to 2025. Mizuho analysts have also increased Circle's stock price target from $100 to $120, attributing this to the growing use cases of USDC in areas such as prediction markets and digital services.
Despite losing its transaction volume lead, USDT remains the dominant stablecoin by market capitalization, valued at around $184 billion, compared to USDC's $79.2 billion. The overall stablecoin market volume has rebounded to $311 billion, driven by a surge in retail investments.
In a related note, USDC has surpassed USDT in the volume of value transferred in 2025, with figures of $17.3 trillion against USDT's $12.9 trillion. Analysts suggest that the rising transaction volume of USDC indicates its increasing importance in cryptocurrency market infrastructure and payment services.
Circle Becomes Top Provider of Tokenized Treasuries
Circle has also emerged as the largest provider of tokenized treasuries in the U.S., with its USYC product achieving a volume of approximately $2.2 billion, surpassing BlackRock's BUIDL fund, which stands at $2 billion. The U.S. market for tokenized treasury securities has reached a record $11 billion, reflecting a 27% increase since the year's start.
This growth suggests heightened interest from institutional investors in on-chain yield and real-world asset (RWA) infrastructure. Experts attribute USYC's success to its integration within the crypto ecosystem and its use as collateral on platforms like Binance, enhancing its market appeal. Additionally, the volume of tokenized stocks on the blockchain has surged by 2900% over the past year, with the RWA segment's total market cap exceeding $26 billion.
