USDC Surpasses USDT in Transfer Volume, Marking Shift in Stablecoin Dominance

A significant shift in the stablecoin market has occurred, with Circle's USD Coin (USDC) surpassing Tether's USDT in transfer volume. According to a recent research note from Mizuho, USDC accounted for 64% of the transfer volume between major stablecoins, with total adjusted transaction volume reaching $2.2 trillion compared to USDT's $1.3 trillion.

This development highlights the growing importance of underlying settlement rails and the increasing demand for frequent transfers across multiple financial workflows. The Solana blockchain has emerged as a key player in this market, processing a staggering $650 billion in stablecoin transactions in February, more than doubling its previous record.