Mizuho lifts Circle price target as USDC volumes top Tether's USDT

Japanese investment bank Mizuho raised its price target for Circle to $120 from $100 while reiterating a neutral rating. The move followed data showing Circle’s USDC overtook Tether’s USDT in transaction volumes for the first time since 2019. Circle shares rose 1% in early trading to $115.40 and are up roughly 95% from their February lows.

Mizuho analysts Dan Dolev and Alexander Jenkins noted roughly $2.2 trillion in adjusted USDC transaction volume so far in 2026 versus $1.3 trillion for USDT, giving USDC about a 64% share of adjusted volumes—a sharp reversal from 2019–2025 when Tether consistently led and USDC averaged about a 30% share.

The sector remains dominated by Tether’s USDT with a $143 billion market cap, followed by Circle’s USDC at $78 billion. Citing "USDC activity trends and use cases like Polymarket or agentic commerce expectations," the analysts raised several long-term Circle forecasts.

Japan

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