Circle’s USDC Overtook Tether’s USDT in Adjusted YTD Volume: Mizuho
Mizuho reported Circle's USDC surpassed Tether's USDT in adjusted year-to-date transaction volume for the first time since 2019.Summary
Japanese investment bank Mizuho announced that Circle's stablecoin, USDC, overtook Tether's USDT in adjusted year-to-date transaction volume, marking the first such occurrence since 2019. Mizuho noted USDC had approximately $2.2 trillion in adjusted volume compared to USDT's $1.3 trillion, giving USDC a 64% market share in volume terms. Analysts consider this volume metric significant because the stablecoin used for everyday transactions, rather than just market capitalization, will ultimately be the "winner." Despite this volume lead, Tether's USDT remains larger by market capitalization at about $184 billion versus USDC's $79 billion. Following the report, Mizuho raised its price target for Circle stock from $100 to $120. The article also briefly mentions ongoing legislative stagnation in the U.S. Senate regarding the CLARITY Act, which addresses digital asset market structure.
(Source：Cointelegraph)