Circle’s USDC overtakes USDT in ‘adjusted’ volume year-to-date, Mizuho says
Mizuho analysts report that USDC's adjusted volume has surpassed USDT's year-to-date, indicating greater real-world usage.Summary
Mizuho analysts stated that Circle's USDC stablecoin has surpassed Tether's USDT in 'adjusted volume' year-to-date, capturing 64% market share in this metric, reversing a long-term trend favoring USDT since 2019. Mizuho defined 'adjusted volume' as transfers involving entities like CEXs, DEXs, or those showing activity indicative of genuine institutional or individual movement of funds, such as payments or DeFi interactions. Despite this, Tether's USDT remains the leader in total market capitalization ($184 billion vs. USDC's $79 billion). The analysts believe USDC's strength in adjusted volume suggests it is becoming the more popular choice for everyday economic activity and payments, which they view as the key indicator for long-term stablecoin success.
(Source：The Block)