USDT

Tether

Circle’s USDC has overtaken Tether’s USDT in adjusted stablecoin transaction volume for the first time since 2019, signaling a notable shift in how digital dollars are actually being used across crypto markets. A March 13 research note from Mizuho Securities analysts Dan Dolev and Alexander Jenkins found that USDC has processed about $2.2 trillion in

Analysts at the investment company said the change was significant because the stablecoin “winner” will be the one people use for everyday transactions.

After the initial uproar from a March 11 report that claimed that Coinbase was lobbying Capitol Hill against a de minimis tax exemption for Bitcoin, the rhetoric has since been dialed as strong denials and context have been applied to the legislative conversation around the CLARITY Act — Armstrong and Coinbase may simply not prioritize the Bitcoin de minimis exemption because it is not its business. Within hours of the allegation, Coinbase’s entire policy executive bench had issued categorical denials, Jack Dorsey had nudged Coinbase CEO Brian Armstrong publicly for a response, and swaths of the Bitcoin community had drawn their conclusions. Armstrong responded to a TFTC post that stated that Coinbase was trying to kill the Bitcoin de minimis exemption, calling the allegations “totally false.” He wrote, “I’ve spent a bunch of time lobbying for Bitcoin’s de minimis tax exemption, and will continue doing so. It’s obviously the right thing.” What is the de minimis exemption, and why does it matter for Bitcoin? Bitcoin is currently classified as property under the United States tax law. That means every time a holder spends it, including on routine purchases, it constitutes a taxable disposal event, requiring cost-basis tracking and capital gains reporting. That classification makes Bitcoin impractical as everyday money. A de minimis exemption would carve out small transactions from this requirement, treating them similarly to minor foreign currency exchanges, which already receive such relief. Senator Cynthia Lummis has been the most prominent champion of this reform. Her bill, introduced last July, proposed a $300 per-transaction threshold with a $5,000 annual cap on everyday crypto transactions. The current House framework, the CLARITY Act discussion draft, includes a stablecoin-only exemption capped at $200 for regulated, dollar-pegged tokens; however, there was no provision for Bitcoin. Advocacy platforms like the Bitcoin Policy Institute (BPI) called out the absence of Bitcoin in this draft. The BPI has been active in their engagement with Congress, reaching an understanding that a de minimis exemption for stablecoins is not sufficient. The nonprofit organization is working to get the Hill to consider the exemption for Bitcoin. Did Coinbase actually lobby against the Bitcoin exemption? So far, there’s no concrete evidence that Coinbase was lobbying against the Bitcoin de minimis exemption other than reports attributed to Marty Bent. Bent responded to Armstrong’s denial on X, stating , “I have sources that say otherwise, not you personally, but your team and/or lobbyists. Will you commit to walk away from the market structure bill if it doesn’t include the de minimis exemption for bitcoin like you did stablecoin yield?” Coinbase Chief Policy Officer Faryar Shirzad called it “a total lie.” Vice President of US policy at Coinbase, Kara Calvert, said the claims were “categorically false,” adding that Coinbase has advocated for a de minimis exemption covering all digital assets since 2017. Chief Legal Officer Paul Grewal stated that Coinbase had never lobbied against Bitcoin. So far, Bent has not retracted the claim. Frank Corva, content producer and strategist at Fedi, writing on X , may have the most logical opinion in this wildly swinging situation. He stated that Armstrong simply may not prioritize the Bitcoin de minimis exemption because it does not benefit Coinbase or the businesses he has interests in. Corva recalled Armstrong’s stated view that “stablecoins are the best form of money,” which would explain why Bitcoin’s inclusion in a US payments tax exemption may not be top of mind for him. Corva noted separately that from conversations with people close to the negotiations, the de minimis question was not even the central focus; the Blockchain Regulatory Certainty Act (BRCA) was the bigger fight. The BRCA, which would protect non-custodial software developers from Bank Secrecy Act obligations, is the legislation that Coinbase and much of the industry have staked as a red line, as Corva says it seems to potentially be on the chopping block in the bill. Where does Tether stand in this fight? Through the entirety of the controversy, Tether, the issuer of USDT, the world’s largest stablecoin by market capitalization, has said nothing on the matter. Tether does not share yields with USDT holders, unlike Circle with its USDC, so it doesn’t “have much beef in this fight.” It has no direct financial stake in whether Bitcoin gets a de minimis exemption or not, either, unlike The Bitcoin Policy Institute, Jack Dorsey’s Block, whose “Bitcoin is Everyday Money” campaign has invested in Lightning Network infrastructure, and Senator Lummis. The fury directed at Coinbase came from an unstated assumption that it is obligated to champion Bitcoin’s cause in Washington at all times, at the expense of its own commercial priorities. The truth may be that you can’t run a successful company in the crypto industry while being your brother’s keeper all the time, every time. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free .

Stablecoin issuers, led by Tether, emerged as crypto’s highest earners over the past year. Tether’s profits come largely from interest on its vast USDT reserves, not user fees. Continue Reading: Tether and Tron Dominate Crypto Sector Revenue Rankings The post Tether and Tron Dominate Crypto Sector Revenue Rankings appeared first on COINTURK NEWS .

The supply of USDC reached $81.1B, breaking a new record after the latest printing ot $500M. USDC is widely used on Ethereum, Base, Solana, and other chains, boosting derivative trading, prediction markets, and lending. Circle’s USDC reached a new record supply of 81.1B tokens, moving closer to USDT. The stablecoin expanded its influence in prediction markets, perpetual futures trading, and lending, while also widely replacing USDT on US and European exchanges. BREAKING: USDC supply reaches all-time high of $81.1 billion pic.twitter.com/Ra1UxALDbk — Artemis (@artemis) March 13, 2026 Currently, the main competitor, USDT, carries over 183B tokens with a specific liquidity structure split between Ethereum and TRON. Circle, on the other hand, is mostly carried by Ethereum and Solana, with an emerging Base ecosystem. USDC is catching up with the ERC-20 version of USDT, which has a supply of 96B tokens. Previously, USDC accounted for a much smaller fraction of stablecoins, whereas in 2025, liquidity expanded with USD-denominated tokens and a range of other tokenized currencies. USDC may turn into an institutional token While USDT serves international whales and retail investors, Circle focuses on its potential to become an institutional-grade platform. The token was expanding more aggressively in the past week, adding a total of $2B to its supply, potentially targeting large-scale institutional usage. CIRCLE JUST MINTED $500M USDC Circle has minted $500M USDC in the past 24 hours – and $2 BILLION USDC in the past week. Institutional money wants access to crypto. pic.twitter.com/eI7ZrAxzjp — Arkham (@arkham) March 13, 2026 Stablecoin supply has been relatively flat for the past five months, with no significant minting following the October 2025 crash. The recent revival of minting coincided with a market-wide recovery and an improving sentiment. USDC increased its transaction velocity The total supply of USDC is still down by 1.24% net in the past month, but activity has picked up. In the past 30 days, USDC transactions grew by 160% according to Artemis data. In the same period, USDT turnover increased by 140%. In the past month, over 152K users were added to Circle’s asset. Over 857K users were added in January. In total, the stablecoin has over 6.22M users and is locked in over 65,000 contract addresses. Circle’s smart contract is also often in the top 3 Ethereum gas burners, due to trading and DeFi activity. USDC built up a record number of users after significant new adoption in January and February. | Source: Dune Analytics USDC now carries over 10 times the liquidity from the 2021 bull market, when the token was celebrating a supply of $8B. Currently, USDC is often used by whales to move funds to Binance or Hyperliquid. USDC is also boosting stablecoin supply and traffic on Solana, after the recent minting of an additional $3.5B. Solana is the main target for new minting, used for trading and payments. The stablecoin aims to settle payments similar to fintech apps, while also being used in decentralized apps by crypto natives. Stablecoins have reached a supply of over 319B tokens. Tether and Circle remain the leaders, but no longer monopolize the market. The share of USDT and USDC has fallen from a peak of 95% down to around 85% as of early 2026. There’s a middle ground between leaving money in the bank and rolling the dice in crypto. Start with this free video on decentralized finance .

BitcoinWorld Circle Price Target Soars as USDC Volume Overtakes Tether in Stunning Stablecoin Reversal In a significant development for digital finance, Mizuho Securities has dramatically increased its Circle price target from $100 to $120, according to a February 2025 report from CoinDesk. This adjustment coincides with a remarkable market shift where Circle’s USDC trading volume has exceeded Tether’s USDT for the first time in six years. The investment firm maintained its Neutral rating on the company while acknowledging substantial progress in Circle’s market position and infrastructure development. Mizuho Raises Circle Price Target Amid Market Shift Mizuho Securities analysts provided detailed reasoning for their revised Circle price target. They specifically cited increased on-chain activity and expanding use cases for the USDC stablecoin. Furthermore, the analysts highlighted USDC’s market capitalization resilience during broader cryptocurrency downturns. Investor awareness of Circle’s economic model has grown substantially according to their research. Additionally, leadership in stablecoin infrastructure development has become increasingly recognized by institutional players. The 2026 trading data reveals a dramatic volume disparity. USDC’s adjusted trading volume currently stands at approximately $2.2 trillion. Consequently, this represents about 64% of the total stablecoin trading volume. Meanwhile, USDT’s adjusted volume measures $1.3 trillion for the same period. This represents a complete reversal from the market dynamics observed throughout most of the early 2020s. Historical Context of Stablecoin Competition The stablecoin market has experienced several distinct phases since 2019. Initially, Tether’s USDT dominated trading volumes across all major cryptocurrency exchanges. However, regulatory scrutiny and transparency concerns gradually shifted institutional preference. Meanwhile, Circle’s USDC gained traction through strategic partnerships and regulatory compliance efforts. Key developments in the stablecoin landscape include: 2019-2021: USDT maintained 70-80% market share in trading volume 2022: Increased regulatory pressure on stablecoin issuers globally 2023: Circle’s transparency reports and banking partnerships expanded 2024: Institutional adoption of USDC for treasury operations accelerated 2025: Volume crossover occurs as DeFi and traditional finance integration deepens Expert Analysis of Market Dynamics Financial analysts observe that several concurrent factors drove this volume shift. First, traditional financial institutions increasingly prefer transparent, audited stablecoins for settlement. Second, decentralized finance protocols have integrated USDC more deeply across multiple blockchain networks. Third, regulatory clarity in major markets has favored compliant stablecoin issuers. The volume data suggests more than temporary fluctuation. Specifically, sustained institutional adoption appears to be driving fundamental change. Trading patterns show USDC gaining dominance in regulated exchanges and institutional trading venues. Conversely, USDT maintains stronger presence in certain offshore and peer-to-peer markets. Technical Infrastructure and Market Resilience Circle’s technical infrastructure investments have contributed significantly to USDC’s growth. The stablecoin operates across eight major blockchain networks including Ethereum, Solana, and Polygon. This multi-chain strategy has increased accessibility and reduced transaction costs for users. Moreover, Circle’s direct integration with traditional payment systems has created seamless fiat on-ramps. Market resilience during volatility periods has been particularly noteworthy. During the 2024 market correction, USDC maintained its dollar peg with minimal deviation. Meanwhile, trading volume actually increased as investors sought stable assets. This behavior contrasts with previous market cycles where stablecoin usage typically declined during downturns. Stablecoin Volume Comparison 2024-2026 Year USDC Volume USDT Volume USDC Market Share 2024 $1.4T $1.8T 44% 2025 $1.9T $1.6T 54% 2026 YTD $2.2T $1.3T 64% Regulatory Environment Impact Evolving global regulations have profoundly influenced stablecoin competition. The European Union’s Markets in Crypto-Assets regulation established clear requirements for stablecoin issuers. Similarly, United States regulatory guidance has emphasized transparency and reserve auditing. Circle’s compliance-first approach has positioned USDC favorably within these frameworks. Banking partnerships have become increasingly important for stablecoin operations. Circle maintains relationships with multiple regulated financial institutions for reserve management. These partnerships provide additional confidence to institutional users concerned about counterparty risk. Consequently, corporate treasury adoption has accelerated throughout 2025. Economic Model and Revenue Implications Circle’s economic model relies primarily on interest income from reserve assets. The company holds USDC reserves in highly liquid, short-term Treasury instruments. As interest rates have remained elevated, this revenue stream has strengthened considerably. Mizuho’s analysis suggests this economic model is becoming better understood by investors. The price target increase reflects several financial considerations: Increased interest income from larger USDC circulation Reduced regulatory risk premium due to compliance investments Expanding margin from enterprise services and infrastructure products Network effects from broader ecosystem adoption Future revenue diversification could include transaction fees and enterprise solutions. However, interest income will likely remain the primary revenue driver in the near term. Market analysts project continued circulation growth as blockchain adoption expands. Institutional Adoption Patterns Institutional adoption patterns reveal distinct preferences emerging. Traditional finance institutions overwhelmingly choose USDC for blockchain-based settlements. Meanwhile, payment companies increasingly integrate USDC for cross-border transactions. Additionally, technology firms utilize USDC for blockchain-based payroll and vendor payments. This institutional preference stems from several practical considerations. First, regular attestation reports provide transparency about reserve composition. Second, regulatory engagement demonstrates commitment to compliance. Third, banking relationships reduce operational friction for fiat conversions. These factors collectively drive institutional decision-making. Conclusion Mizuho Securities’ decision to raise the Circle price target to $120 reflects fundamental shifts in the stablecoin landscape. The milestone of USDC volume surpassing USDT represents more than statistical novelty. Indeed, it signals maturation in digital asset markets and changing institutional preferences. As regulatory frameworks solidify globally, transparent and compliant stablecoins appear positioned for continued growth. The Circle price target adjustment acknowledges these structural changes while maintaining appropriate caution through a Neutral rating. Market observers will monitor whether this volume leadership translates into sustained competitive advantage throughout 2026 and beyond. FAQs Q1: Why did Mizuho raise Circle’s price target? Mizuho raised Circle’s price target from $100 to $120 primarily due to USDC’s increased trading volume surpassing USDT, growing institutional adoption, and the stablecoin’s demonstrated resilience during market volatility. The analysts cited expanding use cases and better investor understanding of Circle’s economic model. Q2: When did USDC volume last exceed USDT? USDC trading volume last exceeded USDT volume in 2019, making the current crossover the first occurrence in six years. This represents a significant shift in stablecoin market dynamics that has developed over several years of gradual change. Q3: What percentage of stablecoin volume does USDC currently represent? According to 2026 year-to-date data, USDC represents approximately 64% of total stablecoin trading volume with $2.2 trillion in adjusted volume. USDT accounts for the remaining volume with $1.3 trillion in trading activity during the same period. Q4: Did Mizuho change Circle’s investment rating? No, Mizuho maintained its Neutral rating on Circle despite raising the price target. This suggests analysts see positive developments but remain cautious about overall valuation or potential market risks that could affect future performance. Q5: What factors contributed to USDC’s volume growth? Multiple factors contributed including increased regulatory compliance transparency, expansion across multiple blockchain networks, growing institutional adoption for settlements and treasury operations, and deeper integration with traditional financial infrastructure and decentralized finance protocols. This post Circle Price Target Soars as USDC Volume Overtakes Tether in Stunning Stablecoin Reversal first appeared on BitcoinWorld .

BitcoinWorld Stablecoin Market Cap Shatters Records at $315 Billion, Signaling Massive Crypto Adoption The total stablecoin market capitalization has achieved a historic milestone, surpassing $315 billion globally according to the latest DeFiLlama data. This remarkable achievement represents not just a numerical record but a fundamental shift in how digital assets integrate with traditional finance. The market’s growth of approximately $2.483 billion in just seven days demonstrates accelerating adoption across multiple sectors. Stablecoin Market Cap Reaches Unprecedented Heights DeFiLlama’s comprehensive tracking reveals the stablecoin sector now commands a $315 billion valuation. This figure represents a 0.79% increase over the previous week. Furthermore, the market has shown consistent growth throughout 2024 and early 2025. Analysts attribute this expansion to several converging factors. Institutional adoption has increased significantly during this period. Additionally, regulatory clarity in major markets has provided more confidence. Traditional financial institutions now actively participate in stablecoin ecosystems. The current market composition reveals clear dominance patterns. Tether’s USDT maintains its leading position with a $183.93 billion market capitalization. Consequently, USDT commands a substantial 58.33% market share. Circle’s USDC follows with $78.813 billion in market value. Meanwhile, USDS maintains a $7.968 billion valuation. Other stablecoins collectively account for the remaining market portion. Market Dynamics and Dominance Patterns Several key factors drive the current market distribution. First, USDT’s established network effects create significant advantages. The stablecoin benefits from extensive exchange integrations globally. Second, USDC’s regulatory compliance attracts institutional participants. Third, regional stablecoins gain traction in specific markets. The following table illustrates the current market distribution: Stablecoin Market Cap Market Share USDT $183.93B 58.33% USDC $78.813B 25.00% USDS $7.968B 2.53% Others $44.289B 14.14% Market concentration remains a topic of ongoing discussion. However, competition continues to increase across the sector. New entrants focus on specific use cases and regional markets. Meanwhile, established players expand their technological capabilities. Expert Analysis of Market Trajectory Financial analysts observe several important trends in the current data. First, the stablecoin market demonstrates remarkable resilience during volatility periods. Second, adoption extends beyond cryptocurrency trading into broader applications. Third, technological innovations improve stability mechanisms and transparency. Industry experts note several critical developments: Cross-border payments increasingly utilize stablecoins for settlement DeFi protocols integrate multiple stablecoins for lending and borrowing Traditional finance institutions develop stablecoin-based products Regulatory frameworks evolve to accommodate growing market size The market’s growth correlates with broader cryptocurrency adoption trends. Bitcoin and Ethereum markets show increased stability during this period. Consequently, stablecoins serve as crucial infrastructure within the digital asset ecosystem. Their role extends beyond simple value transfer to complex financial applications. Historical Context and Growth Timeline The stablecoin market has experienced several distinct growth phases. Initially, early adoption focused primarily on cryptocurrency trading. Subsequently, decentralized finance applications drove significant expansion. Currently, institutional and corporate adoption represents the latest growth driver. The market reached its first $100 billion milestone in 2021. It then surpassed $200 billion in late 2023. The current $315 billion valuation demonstrates accelerating adoption curves. Several technological advancements facilitated this growth. Blockchain scalability improvements reduced transaction costs significantly. Additionally, regulatory developments provided clearer operating frameworks. Major financial jurisdictions now recognize stablecoins as legitimate financial instruments. This recognition enables traditional institutions to participate more actively. Real-World Applications and Use Cases Stablecoins now serve diverse functions across multiple sectors. Remittance companies utilize them for cross-border transfers. Businesses employ stablecoins for international trade settlements. Individuals use them for savings and payments in inflationary economies. The following applications demonstrate the technology’s versatility: International remittances with reduced fees and faster settlement Corporate treasury management for multinational organizations Decentralized finance protocols for lending and yield generation E-commerce payments across geographical boundaries These applications drive organic demand beyond speculative trading. Consequently, the market demonstrates more sustainable growth patterns. Usage metrics show increasing transaction volumes across all major stablecoins. Network activity correlates strongly with market capitalization growth. Regulatory Landscape and Compliance Developments Global regulatory approaches to stablecoins continue evolving rapidly. The United States has implemented clearer guidelines through recent legislation. European markets operate under MiCA regulations since 2024. Asian jurisdictions develop tailored frameworks for digital assets. Regulatory clarity generally correlates with market growth in specific regions. Compliance requirements now shape stablecoin development significantly. Reserve transparency has become a standard expectation. Regular audits provide verification of backing assets. Regulatory approval processes establish legitimacy for new entrants. These developments increase institutional confidence in the sector. Technological Infrastructure and Security Blockchain infrastructure supporting stablecoins has improved substantially. Layer-2 solutions reduce transaction costs for Ethereum-based stablecoins. Alternative blockchains offer competitive performance characteristics. Security measures have advanced through multiple generations of development. These improvements address earlier concerns about stability and reliability. Smart contract auditing has become more sophisticated and comprehensive. Insurance mechanisms protect against potential vulnerabilities. Multi-signature arrangements enhance security for reserve management. These technological advancements support the market’s expanding scale and complexity. Market Implications and Future Projections The $315 billion milestone signals several important market developments. First, stablecoins now represent a substantial component of global digital asset markets. Second, their growth outpaces many traditional financial sectors. Third, integration with conventional finance accelerates continuously. Analysts project several potential trajectories for continued expansion. Central bank digital currencies may complement rather than compete with stablecoins. Hybrid models could emerge combining regulatory oversight with innovation. Interoperability between different stablecoin systems will likely improve. These developments could further accelerate adoption across additional use cases. Conclusion The stablecoin market cap achieving $315 billion represents a transformative moment for digital assets. This milestone demonstrates substantial maturation within the cryptocurrency sector. Market dominance patterns show both concentration and healthy competition. Technological and regulatory developments support sustainable growth trajectories. The stablecoin market cap now serves as a key indicator of broader cryptocurrency adoption. Future developments will likely focus on integration with traditional finance and expanded real-world applications. FAQs Q1: What does the $315 billion stablecoin market cap represent? The figure represents the total value of all major stablecoins combined, indicating their growing role as digital dollar equivalents in global finance. Q2: Why does USDT maintain such dominant market share? USDT benefits from first-mover advantage, extensive exchange integrations, and established network effects that create significant liquidity advantages. Q3: How do stablecoins maintain their value stability? Most major stablecoins maintain 1:1 reserves with traditional currencies or equivalent assets, with regular audits verifying these reserves. Q4: What factors could affect future stablecoin market growth? Regulatory developments, technological advancements, institutional adoption rates, and macroeconomic conditions will all influence future market trajectories. Q5: How do stablecoins differ from other cryptocurrencies? Stablecoins are specifically designed to maintain stable values pegged to traditional assets, unlike volatile cryptocurrencies like Bitcoin or Ethereum. This post Stablecoin Market Cap Shatters Records at $315 Billion, Signaling Massive Crypto Adoption first appeared on BitcoinWorld .

Japanese investment bank Mizuho remains neutral on Circle, but lifted it price target to $120 from $100.

Digital assets are now widely used for cross-border gold deals in the Amazon region. Stablecoins facilitate the movement of illicitly mined gold amid rising environmental harm. Continue Reading: USDT Payments Unveiled In Amazon Gold Trade Network The post USDT Payments Unveiled In Amazon Gold Trade Network appeared first on COINTURK NEWS .