USDC surpasses USDT in adjusted transaction volume this year: Mizuho

Analysts at Mizuho said the adjusted transaction volume of USD Coin (USDC) has surpassed that of Tether (USDT) year-to-date, reversing a long-standing trend.

According to the research note, USDC now accounts for about 64% of the market share in adjusted transaction volumes compared to USDT. This marks a notable shift from the 2019–2025 period, when USDT consistently led USDC in transaction activity.

Mizuho defined “adjusted volume” as activity across addresses associated with centralized exchanges (CEXs), decentralized exchanges (DEXs), or other entities, while filtering out addresses that executed more than 1,000 transactions or more than $10 million in volume within any 30-day period.

In other words, the metric aims to capture transfers that resemble real economic activity by individuals or institutions. Examples include companies paying suppliers, users placing bets on prediction markets, or funds moving between exchanges and DeFi protocols.

Despite the shift in transaction activity, USDT remains the largest stablecoin globally in terms of supply. The market capitalization of USDT currently stands at about $184 billion, while USDC’s market cap is around $79 billion.

Mizuho analysts noted that USDC appears to be gaining traction in everyday real-world applications, particularly in payments. They added that in the long run, the stablecoin that sees the most use in daily economic activity—rather than simply the one with the highest market capitalization—may ultimately emerge as the dominant player.