Circle's USDC Surges Past Tether's USDT in Transaction Volume

Japanese investment bank Mizuho has reported that Circle's stablecoin, USDC, has surpassed Tether's USDT in transaction volume for the first time since 2019. This development is considered significant as the stablecoin used for everyday transactions is seen as the ultimate winner.

Mizuho raised its price target for Circle stock to $120, citing USDC's adjusted year-to-date transaction volume of approximately $2.2 trillion, compared to USDT's $1.3 trillion. This gives USDC a reported 64% market share in volume.

Despite USDC's volume lead, Tether's USDT remains the largest stablecoin by market capitalization at around $184 billion, versus USDC's $79 billion.

Meanwhile, in Washington D.C., legislative progress on a digital asset market structure bill, the CLARITY Act, remains stalled in the Senate amid debates over stablecoin yield, ethics, and tokenized equities.