Mizuho: USDC overtakes USDT in adjusted year‑to‑date transaction volume

Japanese bank Mizuho said Circle’s USDC overtook Tether’s USDT in transaction volume for the first time since 2019 and raised its price target for Circle from $100 to $120 after comparing the two. USDC recorded about $2.2 trillion in adjusted year‑to‑date transaction volume, versus USDT’s $1.3 trillion.

Mizuho noted USDC held roughly 64% of the volumes, reversing a long‑term trend of USDT dominance from 2019 to 2025. Circle, which listed on the NYSE in June 2025, saw little stock movement after the report. Tether remained larger by market capitalization, at about $184 billion compared with USDC’s $79 billion.

Mizuho analysts said volume is significant because the stablecoin that people use for everyday transactions, not just the largest by market cap, will likely emerge as the market leader.

Japan

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