Circle's USDC volumes top Tether's USDT for first time since 2019, prompting sell-side price target hike

2 weeks ago7 min read

Circle’s USDC has done something it hasn’t pulled off since 2019—it’s overtaken Tether’s USDT in trading volume, a signal that institutional players are serious about regulatory-friendly stablecoins. This isn’t just a vanity metric; sell-side analysts at Mizuho and Bernstein have already bumped up price targets for Circle, citing the stablecoin’s market share gains as a tangible catalyst.The milestone coincides with Circle also bypassing BlackRock in the tokenized Treasuries game, where the overall market just hit a record $11 billion. What’s driving this? USDC’s liquidity and compliance-first approach are making it the go-to onramp for tokenized assets and DeFi applications, even as the broader crypto market recovers.For context, Tether has long dominated by sheer volume and first-mover advantage, but the narrative is shifting: institutions want something they can square with regulators, and USDC fits that bill. Analysts argue this could reshape how stablecoins integrate with traditional banking and payments—imagine a world where your dollar-pegged token is as easy to use for settlements as a wire transfer.That’s the potential here. Still, there’s a flip side.The ongoing debate about whether stablecoins should yield or remain neutral could spark regulatory scrutiny, and any policy pivot from the SEC or Treasury might cool the momentum. For now, though, Circle is leaning into its regulated status as a differentiator, and the data backs it up. If this trend holds, we might be watching the early innings of a stablecoin power shift that forces Tether to adapt or risk losing its crown.

#USDC

#Circle

#stablecoin

#Tether

#tokenized Treasuries

#BlackRock

#featured

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