Stablecoin Shift: USDC Surpasses USDT in Transaction Volume

A recent study by Mizuho analysts has highlighted a shift in the stablecoin landscape. According to their findings, USDC has processed around $2.2 trillion in transactions since the beginning of 2026, outpacing USDT's $1.3 trillion.

This marks the first time since 2019 that USDT has lost its lead in adjusted transaction volume, a metric that can be seen as a measure of actual usage. This development may have significant implications for Tether, which has traditionally been considered the largest and most widely used stablecoin by market capitalization.

While market cap remains a crucial indicator of a stablecoin's strength, actual usage is becoming increasingly important in the context of Web3 and decentralized finance (DeFi). As more users turn to stablecoins for payment infrastructure, the winner may not be the one with the largest market cap, but rather the one that people actually use every day.