USDC Overtakes USDT in Stablecoin Volume After Six Years

A major shift has happened in the stablecoin market. New data shows that USD Coin (USDC) has passed Tether (USDT) in transaction volume this year. It is the first time this has happened since 2019. According to a report from Japanese investment bank Mizuho. USDC processed about $2.2 trillion in transactions so far. 

During the same time, USDT recorded about $1.3 trillion in volume. For years, USDT has dominated the crypto markets as the most widely used stablecoin. However, the latest numbers show that USDC is now leading in terms of transaction activity.

USDC Sees Strong Growth in 2026

USDC’s rise in transaction volume shows growing demand for the stablecoin. Many traders, businesses and institutions now use it to move funds across the crypto ecosystem. Digital tokens called stablecoins maintain a steady value and most issuers tie them to the U.S. dollar. Consequently, traders widely use them for trading, payments and transfers between exchanges.

📈 $USDC FLIPS $USDT FOR THE FIRST TIME SINCE 2019

Circle’s USDC has overtaken Tether’s USDT in adjusted YTD transaction volume, according to Japanese investment bank Mizuho.

USDC recorded about $2.2T vs. USDT’s $1.3T, marking the first time since 2019 that USDC has led… pic.twitter.com/XCqon1ck6A

— Coin Bureau (@coinbureau) March 14, 2026

USDC has become especially popular in areas like DeFi. It is also widely used by companies that need fast and reliable digital payments. As more platforms support USDC, its activity across the blockchain continues to grow.

Institutions Prefer Transparency

One reason behind USDC’s growth is its focus on transparency. The stablecoin is issued by Circle, a U.S. based financial technology company. Circle regularly publishes reports that show the reserves backing USDC. These reserves are meant to fully support the value of the token. 

With this approach, many institutions feel more comfortable using USDC. Many businesses and financial platforms are choosing USDC for payments and settlements. Recently, regulators have also increased scrutiny on stablecoins. This has pushed some companies to favor options that operate under stronger compliance standards.

USDT Still Plays a Major Role

Even though USDC now leads in transaction volume. USDT remains the largest stablecoin by market size. Tether continues to dominate many trading pairs on global crypto exchanges. It is also widely used in markets across Asia and other emerging regions. Many traders rely on USDT because it offers deep liquidity. This makes it easier to enter and exit trades quickly. Hence, USDT still plays a major role in the crypto trading ecosystem.

Competition in the Stablecoin Market

Recent data show that competition in the stablecoin market is growing. Stablecoins developed as a key aspect of the crypto economy. They help traders move funds quickly and avoid price swings. Concurrently, users increasingly use them for payments, remittances and financial services. As more companies and institutions enter the space. Analysts expect stablecoin competition to intensify. For now, USDC’s lead in transaction volume shows that the balance of power in the stablecoin market may be starting to shift.