Sat March 14, 2026 ▪
4
min read ▪ by
The battle between the two biggest stablecoins on the market just took an unexpected turn. According to a report by investment bank Mizuho, Circle’s USDC has outperformed Tether’s USDT in adjusted volume since the start of the year, a key indicator for measuring the actual usage of these currencies. This shift does not yet challenge Tether’s dominance in capitalization, but it does reveal an evolution in the way these assets are used. The stablecoin market is now divided between financial strength and actual usage.
In short
- A report from investment bank Mizuho reveals that Circle’s USDC has outperformed Tether’s USDT in adjusted volume since the start of the year.
- The data suggests that USDC represents a volume of around $2.2 trillion, compared to USDT’s $1.3 trillion.
- This lead corresponds to about 64% of the total adjusted volume between the two major stablecoins.
- Despite this advance from USDC, USDT remains largely dominant in capitalization, with around $184 billion compared to USDC’s $79 billion.
USDC surpasses USDT in adjusted transaction volume
As stablecoins are massively adopted by charities, a report from investment bank Mizuho reveals a significant change in the dynamic of stablecoins. Circle’s USDC has surpassed Tether’s USDT in adjusted transaction volume since the start of the year, according to analysts.
A study suggests this “USDC accounts for about 64% of the total adjusted volume between the two major stablecoins”. This result is based on a methodology designed to measure real economic activity on blockchains.
The main data highlighted in the analysis are as follows:
- USDC: approximately $2.2 trillion in year-to-date adjusted volume;
- USDT: about $1.3 trillion over the same period;
- 64% volume share for USDC;
- Volumes adjusted to exclude certain internal or artificially inflated transactions.
This approach aims to offer a more accurate view of the actual use of stablecoins in the crypto ecosystem. Adjusted volume makes it possible to isolate transfers related to economic activity (payments, transfers or financial operations) by removing movements that could distort the statistics.
Tether’s continued dominance in capitalization
Despite this lead in transaction volume, USDT maintains a dominant position in the stablecoin market in terms of capitalization. On-chain data presented in the analysis suggests that Tether has a capitalization of around $184 billion, compared to USDC’s around $79 billion. This difference illustrates Tether’s historical weight in the crypto ecosystem, especially in exchanges and emerging markets.
Mizuho analysts highlight an important difference between the two indicators. according to them “The stablecoin that will dominate may be the one used in daily payments, not necessarily the one with the largest capitalization”. This observation underscores the growing importance of real-world usage in evaluating the position of stablecoins.
In this context, the bank also raised its price target on Circle shares from $100 to $120, a sign of renewed confidence in the USDC issuer’s business model. However, the stock did not immediately react to the announcement.
If this trend is confirmed, it could signal a deeper development in the stablecoin market. The balance between market liquidity, institutional adoption and use in payments could gradually redraw the hierarchy of the sector. For now, the fight between USDC and USDT remains open, with two different metrics telling each part of the story.
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A graduate of Sciences Po Toulouse and holder of the blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I committed myself to raising awareness and informing the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and take advantage of the opportunities it offers. I strive every day to provide an objective analysis of current events, decipher market trends, convey the latest technological innovations, and put into perspective the economic and social issues of this ongoing revolution.
DISCLAIMER OF LIABILITY
The views, thoughts and opinions expressed in this article are solely those of the author and should not be taken as investment advice. Before making any investment decision, do your own research.
