# USDC Surpasses USDT in Adjusted Volume for First Time Since 2019

Circle's USDC stablecoin has overtaken Tether's USDT in adjusted transaction volume since the beginning of 2026, according to analysts from investment bank Mizuho.

According to their estimates, USDC's metric reached approximately $2.2 trillion, while USDT came in at around $1.3 trillion. Circle's token accounted for approximately 64% of "cleaned" trading volume among the two largest stablecoins.

Mizuho noted that this represents a reversal of a multi-year trend — during the period from 2019 to 2025, USDT consistently dominated in transaction activity.

The bank's analysts also raised their price target for Circle shares 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 capitalization in the stablecoin segment with a figure of ~$184 billion, while its main competitor holds second place — $79.2 billion.
The aggregate stablecoin market volume has recovered to $311 billion amid retail capital inflows.

According to Artemis data, in 2025 USDC surpassed USDT in value transferred — $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 a strengthening role of the asset in the cryptocurrency market infrastructure and payment services.

# Circle Outpaces BlackRock in Tokenized US Treasury Market

The USDC issuer has become the largest provider of tokenized US treasuries. Its USYC product has surpassed BlackRock's BUIDL fund by volume.

USYC offering volume reached approximately $2.2 billion, while BUIDL's figure stands at around $2 billion.

The market for tokenized US treasury securities reached a record $11 billion, growing approximately 27% since the beginning of the year. The growth reflects increasing institutional investor interest in on-chain yield and RWA infrastructure, CoinDesk noted.

Experts believe that USYC's success is connected to broader integration into the crypto ecosystem and the use of the instrument as collateral on trading platforms. This increases liquidity and the attractiveness of the product for market participants.

Recall that the volume of tokenized stocks on blockchain grew 2,900% over the year, and the capitalization of the entire RWA segment exceeded $26 billion.