Analysts at the Japanese investment bank Mizuho reported that stablecoin issuer Circle‘s USDC has overtaken Tether‘s USDT in annual transaction volume for the first time since 2019. The bank raised its price target for Circle stock based on this data, noting that USDC processed approximately $2.2 trillion in adjusted volume year-to-date compared to USDT’s $1.3 trillion. Despite this shift in usage, USDT remains the larger stablecoin by total market capitalization.
Analysts at the Japanese investment bank Mizuho reported that stablecoin issuer Circle‘s USDC has overtaken Tether‘s USDT in transaction volume for the first time since 2019. In a research note, the bank said it raised its price target for Circle stock from $100 to $120. According to Mizuho, USDC had about $2.2 trillion in adjusted transaction volume for the year to date, compared with USDT at $1.3 trillion.
“The data shows USDC vs. USDT volumes at 64% market share,” said Mizuho. The investment bank called this a reversal in a long-term trend where USDT volumes had surpassed USDC from 2019 to 2025. The stock price for Circle, which went public in June 2025, was little changed following the report’s release.
While USDC led in transaction volume, Tether’s stablecoin remained the largest by market capitalization at about $184 billion compared with USDC’s $79 billion. According to Mizuho analysts, volume data is significant because the stablecoin “winner” will be the one people use for everyday transactions, not just market capitalization.
In Washington, DC, it remains unclear whether lawmakers will reach an agreement to advance a digital asset market structure bill. The legislation, called the CLARITY Act when it passed the House, has been stalled in the Senate amid debates over stablecoin yield, ethics, and tokenized equities.
