USDC Overtakes USDT in Transaction Volume Since 2019 Milestone

This development represents USDC‘s first volume leadership position since 2019, bringing an end to USDT’s extended reign in this metric.

According to Mizuhos data, USDC processed approximately $2.2 trillion in adjusted transaction volume year-to-date, while USDT recorded $1.3 trillion during the identical timeframe.

These figures translate to USDC controlling 64% of the adjusted volume when comparing the two leading stablecoins, per Mizuhos calculations.

Mizuho‘s methodology defines “adjusted volume” as transactions involving centralized exchanges, decentralized exchanges, and other identified entities — or participants who haven’t exceeded specific activity benchmarks. Essentially, transactions that appear to represent genuine person-to-person or institutional value transfers.

The analysts cited examples such as corporate supplier payments, user wagers on platforms like Polymarket, and capital flows between centralized exchanges and DeFi protocols.

What the Volume Shift Means

According to Mizuho analysts, transaction volume provides superior predictive value compared to market capitalization when forecasting long-term stablecoin dominance.

“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,” Mizuho wrote.

Market capitalization leadership remains with USDT. Tether‘s stablecoin maintains approximately $184 billion in total value, substantially ahead of USDC’s $79 billion.

Circle completed its public listing on the New York Stock Exchange in June 2025. The companys stock price exhibited minimal reaction to the Mizuho research release.

The investment bank upgraded its Circle price target from $100 to $120 within the same research publication.

Circle Stock and the Regulatory Backdrop

In the nations capital, proposed legislation affecting the stablecoin sector continues to face obstacles.

The CLARITY Act successfully cleared the House of Representatives but has encountered delays in the Senate. Discussions surrounding stablecoin yield distribution, ethics guidelines, and tokenized securities have impeded legislative advancement.

Senate Majority Leader John Thune indicated on Thursday that the Senate would focus on voting requirement legislation ahead of digital asset market structure bills. He projected that the market structure legislation would not advance before April.

The legislative gridlock contributes additional uncertainty to the comprehensive stablecoin regulatory environment as Circles shares maintain NYSE trading activity.

Based on Mizuhos research published March 13, 2026, USDC controls 64% of adjusted volume among the two dominant stablecoins, marking its first leadership position since 2019.

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