The USDC stablecoin issued by Circle has overtaken Tether's USDT in adjusted transaction volume since the beginning of 2026, according to analysts at investment bank Mizuho.
They estimate that USDC's volume reached approximately $2.2 trillion, compared to USDT's $1.3 trillion. Circle's token accounted for about 64% of the "cleansed" transaction volume among the two largest stablecoins.
Mizuho noted that this marks a reversal of a long-standing trend, as USDT consistently dominated transaction activity from 2019 to 2025.
The bank's analysts also raised Circle's stock price target from $100 to $120, citing increased activity around USDC and its expanding use cases, including prediction markets and new digital services.
Despite this, USDT remains the leader in market capitalization within the stablecoin segment, valued at approximately $184 billion, while its main competitor holds the second spot at $79.2 billion.
Source: Coingecko.The total stablecoin market volume has recovered to $311 billion amid a surge in retail capital.
According to Artemis, in 2025, USDC surpassed USDT in the volume of value transferred—$17.3 trillion compared to $12.9 trillion. In January, Circle's token strengthened its dominance.
Mizuho analysts suggested that the increase in USDC's transaction volume indicates a growing role for the asset in the cryptocurrency market infrastructure and payment services.
Circle Surpasses BlackRock in the US Tokenized Treasury Market
The issuer of USDC has become the largest provider of tokenized treasuries in the United States. Its USYC product has outperformed BlackRock's BUIDL fund in volume.
Source: RWA.xyz.The offering volume of USYC reached approximately $2.2 billion, while BUIDL stands at $2 billion.
The market for tokenized treasury securities in the US has exceeded a record $11 billion, increasing by about 27% since the beginning of the year. This growth reflects a rising interest from institutional investors in on-chain yield and RWA infrastructure, as noted by CoinDesk.
Experts believe that USYC's success is linked to its broader integration into the crypto ecosystem and its use as collateral on trading platforms, including Binance. This enhances liquidity and the product's appeal to market participants.
It is worth noting that the volume of tokenized stocks on the blockchain has grown by 2900% over the year, and the total market capitalization of the RWA segment has surpassed $26 billion.