Circle’s USDC stablecoin has overtaken Tether’s USDT in adjusted transaction volume so far in 2026, according to a research note from analysts at Mizuho. The report estimates USDC accounts for about 64% of adjusted stablecoin volume year-to-date, reversing a multi-year trend in which USDT dominated activity across crypto markets.
Mizuho defines adjusted volume as transfers that reflect real economic activity rather than automated or high-frequency transactions. The metric focuses on movements between identifiable entities such as centralized exchanges, decentralized platforms and wallets that do not exhibit patterns associated with large-scale automated trading.
Despite the shift in transaction activity, USDT remains the largest stablecoin by supply. Tether’s token currently has a market capitalization of about $184 billion, compared with roughly $79 billion for USDC, according to industry data. Analysts said the data suggests USDC is increasingly used for payments and operational transfers, while USDT continues to dominate liquidity and trading activity across global crypto markets.
