Mizuho Report: USDC Surpasses USDT in Adjusted Transaction Volume Year-to-Date
Investment firm analysts emphasized the significance of this shift, noting that transaction volume will ultimately determine which stablecoin dominates everyday payment use cases.
A report from Japanese investment banking institution Mizuho has revealed that Circle's USDC stablecoin has surpassed Tether's USDt in terms of transaction volume, marking the first occurrence of this reversal since 2019.
Through a research analysis published on Friday, Mizuho announced it had increased its stock price projection for Circle from $100 to $120 following a comprehensive evaluation of transaction volumes between these two leading stablecoins. The data from Mizuho indicates that USDC recorded approximately $2.2 trillion in adjusted transaction volume year-to-date, while USDt registered $1.3 trillion during the same period.
The data shows USDC vs. USDT volumes at 64% market share. This is a reversal in a long-term trend of USDT volumes surpassing USDC in 2019-2025.
Mizuho
Circle's stock valuation, following its June 2025 public debut on the NYSE, showed minimal movement in response to the publication of Mizuho's research findings. Although the investment bank's report confirmed that USDC had exceeded USDT in terms of transaction volume metrics, Tether's stablecoin continues to maintain its position as the leader by market capitalization, holding approximately $184 billion compared to USDC's $79 billion.
Based on the assessment by Mizuho analysts, volume metrics hold greater significance as the determining factor for the stablecoin "winner" will ultimately be which asset people actively utilize for everyday payment transactions, rather than simply which commands the highest market capitalization.
Fight over stablecoin yield continues in US government
Within the halls of Washington, DC, uncertainty persists regarding whether legislators and regulatory officials will achieve consensus that would enable a digital asset market structure bill to advance through Congress.
This legislative proposal, which was designated as the CLARITY Act upon its passage through the House of Representatives, has encountered obstacles in the Senate due to ongoing discussions concerning stablecoin yield mechanisms, ethical considerations, and the treatment of tokenized equities.
Reports from Thursday indicate that Senate Majority Leader John Thune stated the chamber would give priority to legislation addressing voting requirements instead of market structure measures, expressing his belief that such legislation would not be passed prior to April.