USDC Overtakes USDT in Adjusted Transaction Volume for First Time Since 2019
CircleINFRASTRUCTURECircle's USDC has surpassed Tether's USDT in adjusted transaction volume since the start of 2026, reaching $2.2 trillion. Circle also became the largest provider of tokenized U.S. Treasuries.
USDC Takes the Lead in Adjusted Transaction Volume
Circle's stablecoin USDC has overtaken Tether's USDT in adjusted transaction volume for the first time since 2019. Investment bank Mizuho published the finding after analyzing data from the two largest stablecoins since the beginning of 2026.
According to Mizuho's estimates, USDC's adjusted volume reached approximately $2.2 trillion, while USDT recorded around $1.3 trillion. Circle's token accounted for roughly 64% of the combined "cleaned" transaction volume between the two leading stablecoins.
Adjusted transaction volumes for USDC and USDT. Source: Coingecko
Mizuho analysts highlighted that this marks a reversal of a multi-year trend: from 2019 through 2025, USDT consistently dominated in transaction activity. The shift in leadership points to structural changes in stablecoin usage patterns.
Why This Matters
The redistribution of volumes between the two dominant stablecoins reflects a meaningful shift in market participant preferences. Mizuho assessed that USDC's growing activity signals its strengthening role in crypto market infrastructure and payment services. The expansion of Circle's token into prediction markets and new digital services supports this trajectory.
In light of these developments, Mizuho raised its price target for Circle shares from $100 to $120.
USDT still holds a commanding lead in market capitalization at approximately $184 billion, while USDC sits in second place at $79.2 billion. The total stablecoin market has recovered to $311 billion, driven by an influx of retail capital.
Data from analytics platform Artemis shows the trend began emerging in 2025, when USDC surpassed USDT in total value transferred — $17.3 trillion versus $12.9 trillion. In January 2026, Circle's token cemented its dominance on this metric.
Circle Becomes Top Provider of Tokenized U.S. Treasuries
Beyond its stablecoin gains, Circle has also claimed the top spot among providers of tokenized U.S. Treasury securities. The company's USYC product surpassed BlackRock's BUIDL fund by total supply.
Tokenized Treasury supply breakdown. Source: RWA.xyz
USYC's supply reached approximately $2.2 billion, compared to BUIDL's roughly $2 billion. The overall tokenized U.S. Treasury market hit a record $11 billion, growing approximately 27% since the start of the year.
This growth reflects intensifying institutional interest in on-chain yield and real-world asset (RWA) infrastructure, as CoinDesk noted. USYC's success is attributed to its deeper integration into the crypto ecosystem and its use as collateral on trading platforms, including Binance, which enhances liquidity and appeal for market participants.
For context, tokenized equities on blockchain grew by 2,900% over the past year, and the total RWA segment capitalization has exceeded $26 billion.
Frequently Asked Questions
Has USDC surpassed USDT in transaction volume?
Yes, according to Mizuho, USDC's adjusted transaction volume reached approximately $2.2 trillion since the start of 2026, compared to $1.3 trillion for USDT. This is the first time USDC has led since 2019.
What is the market cap of USDT vs USDC?
USDT remains the leader in market capitalization at roughly $184 billion, while USDC holds second place at $79.2 billion. The total stablecoin market has recovered to $311 billion.
Why did Mizuho raise its Circle price target?
Mizuho raised Circle's price target from $100 to $120, citing growing activity around USDC and expansion of its use cases, including prediction markets and new digital services.
What is USYC and how did it surpass BlackRock's BUIDL?
USYC is Circle's tokenized U.S. Treasury product. Its supply reached approximately $2.2 billion, overtaking BlackRock's BUIDL fund at around $2 billion. The total tokenized U.S. Treasury market hit a record $11 billion.
How big is the tokenized Treasuries market in 2026?
The tokenized U.S. Treasury market reached a record $11 billion, growing approximately 27% since the start of the year. The broader RWA segment capitalization has exceeded $26 billion.
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