Overview
- USDC has processed about $2.2 trillion in adjusted transaction volume year to date versus roughly $1.3 trillion for USDT, giving USDC a 64% share, according to a March 13 Mizuho note.
- USDT remains larger by market value at about $184 billion compared with roughly $79 billion for USDC, underscoring a split between usage and capitalization.
- Mizuho defines adjusted volume as transfers involving centralized and decentralized exchanges and other labeled entities that resemble real economic activity.
- The bank raised its Circle price target to $120, arguing that sustained transaction activity will be a better long‑term indicator of stablecoin leadership than market cap.
- Policy backdrop remains fluid as the Bank of England signals openness to revisiting proposed holding limits for stablecoins and U.S. Senate action on the CLARITY Act remains delayed until at least April.