Mizuho analysts on Friday said that adjusted volume for Circle’s USDC stablecoin has, year-to-date, surpassed that of Tether’s USDT, the world’s largest USD-pegged token by market supply.
“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 said in a research note.
Mizuho’s analysts qualified “adjusted volume” as a measurement of activity across “addresses that are labeled as entities related to CEXs (Centralized Exchanges), DEXs (Decentralized), or others, or those that have not transacted > 1K transactions or 10M volume in any 30-day period.”
Or, as they further contextualized, they are measuring “transfers that look like a real person or institution actually moving money.” This could include companies paying suppliers, users betting on Polymarket, or funds moving between a CEX and a DeFi protocol, the analysts said.
In terms of total supply, Tether’s USDT is still the clear leader globally. USDT’s total market cap is $184 billion, while USDC comes in at about $79 billion, according to The Block Data Dashboard.
Mizuho’s analysts said USDC is the more popular option when it comes to everyday, real-world applications, as Circle’s (CRCL) stablecoin is used more for payments.
“We believe that longer term, the stablecoin winner will be the one mostly used in everyday economic activity, rather than just the highest market cap. Looking at transaction volumes, we are encouraged to see USDC taking more share of the total pie,” the analysts said.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Trade Crypto On Coinhub Exchange
Trade Crypto On Coinhub Exchange
Stay ahead of the market by turning news insights into trading opportunities. With Coinhub Exchange, you can seamlessly buy, sell, and manage your digital assets, all in one secure platform. Take advantage of real-time market insights, deep liquidity, and fast execution for your favorite cryptocurrencies. Don’t just read about it — trade crypto now!
Disclaimer
The content of this article shown by Coinhub News, powered by The Block, is for informational purposes only and should not be construed as financial, legal, tax, or investment advice. Coinhub News and its affiliates are not a licensed financial advisor, legal advisor, broker, or tax advisor, and ... should not be considered as professional advice or a recommendation to engage in any specific investment, legal decision, or financial transaction. Cryptocurrency markets are highly speculative and volatile. Readers should perform their own independent research and consult with a qualified professional before making any financial or legal decisions. The opinions expressed in this article are those of the author and do not necessarily represent the views or opinions of the Company of its affiliates. Additionally, the Company does not make any representations or warranties regarding the accuracy, timeliness, reliability, or completeness of any information in this article. By accessing this content, you acknowledge that any reliance on the information contained in this article is solely at your own risk. The Company is not responsible for any financial losses, legal disputes, or other damages that may arise from reliance on this content or from any investment or legal decisions based on the information provided. Investing in cryptocurrencies involves substantial risks, including the risk of losing your entire investment, and you should carefully consider whether it is appropriate for your circumstances.
Read more
