The stablecoin USDC, issued by Circle, has overtaken Tether’s USDT in adjusted transaction volume since the beginning of 2026, according to analysts at the investment bank Mizuho.
They estimate that USDC’s figure reached approximately $2.2 trillion, while USDT’s was about $1.3 trillion. Circle’s token accounted for around 64% of the “cleaned” transaction volume between the two largest stablecoins.
Mizuho noted that this marks a reversal of a long-standing trend, as USDT consistently dominated transactional activity from 2019 to 2025.
The bank’s analysts also raised Circle’s stock price target to $120 from $100, citing increased activity around USDC and the expansion of its use cases, including prediction markets and new digital services.
Meanwhile, USDT remains the leader in market capitalization within the “stablecoin” segment, with a figure of ~$184 billion, while its main competitor holds second place at $79.2 billion.
The total stablecoin market volume has recovered to $311 billion amid an influx of retail capital.
According to Artemis, in 2025, USDC surpassed USDT in transferred value volume — $17.3 trillion versus $12.9 trillion. In January, Circle’s token strengthened its dominance.
Mizuho analysts suggested that the growth in USDC’s transaction volume indicates an increasing role for the asset in the crypto market infrastructure and payment services.
Circle Surpasses BlackRock in the Tokenized US Treasury Market
The issuer of USDC has become the largest provider of tokenized US treasuries. Its product USYC has surpassed BlackRock’s BUIDL fund in volume.
The supply volume of USYC reached approximately $2.2 billion, while BUIDL’s figure is around $2 billion.
The market for tokenized US treasury securities has reached a record $11 billion, increasing by about 27% since the start of the year. This growth reflects the growing interest of institutional investors in on-chain yields and RWA infrastructure, as noted by CoinDesk.
Experts believe that USYC’s success is linked to broader integration into the crypto ecosystem and the use of the instrument as collateral on trading platforms, including Binance. This enhances the product’s liquidity and attractiveness for market participants.
Over the past year, the volume of tokenized shares on the blockchain has grown by 2900%, and the capitalization of the entire RWA segment has exceeded $26 billion.
