Circle’s USDC stablecoin has overtaken Tether’s USDT in transaction volume for the first time since 2019, according to a research note from Mizuho. Adjusted USDC transaction volume since the start of the year has reached approximately $2.2 trillion, compared with around $1.3 trillion for USDT. This shift means USDC now represents roughly 64% of the combined adjusted transaction volume between the two stablecoins. The data highlights a notable change in stablecoin activity and suggests USDC may be gaining momentum in everyday transaction flows across crypto markets and digital payments.
Regulatory risk could reshape the competitive landscape as the CLARITY Act remains stalled in the Senate, with Circle and Tether facing different compliance dynamics that affect future adoption and risk. USDT maintains a lead in market capitalization, with an estimated $184 billion, while USDC’s capitalization is around $79 billion. Circle is a U.S.-based company, while Tether operates from the British Virgin Islands, creating distinct regulatory dynamics for the two issuers.
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