Circle‘s USDC Overtook Tether‘s USDT in Adjusted YTD Volume: Mizuho

Japanese investment bank Mizuho reported that stablecoin issuer Circle’s USDC overtook Tether’s USDt in transaction volume for the first time since 2019.

In a research note released on Friday, Mizuho said it had raised its price target for Circle stock from $100 to $120 after comparing transaction volumes between the two major stablecoins. According to Mizuho, USDC (USDC) had about $2.2 trillion in adjusted transaction volume for the year to date, compared with USDt (USDT) at $1.3 trillion.

“The data shows USDC vs. USDT volumes at 64% market share,” said Mizuho. This is a reversal in a long-term trend of USDT volumes surpassing USDC in 2019-2025.”

The stock price for Circle, which went public on the NYSE in June 2025, was little changed following the Mizuho report’s release. While the investment bank reported that USDC had overtaken USDT in transaction volume, Tether’s stablecoin remained the largest by market capitalization, at about $184 billion, compared with USDC’s $79 billion.

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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.

Fight over stablecoin yield continues in US government

In Washington, DC, it’s unclear whether lawmakers and policymakers will reach an agreement that would allow a digital asset market structure bill to move forward in Congress.

The legislation, called the CLARITY Act when it passed the House of Representatives, has been stalled in the Senate amid debates over stablecoin yield, ethics, and tokenized equities. 

Senate Majority Leader John Thune reportedly said on Thursday that the chamber would prioritize a bill on voting requirements rather than market structure, which he didn’t anticipate passing before April.