TL;DR USDC surpasses USDT in trading volume for the first time since 2019. Circle’s stablecoin now captures 64% of adjusted stablecoin trading volume. Institutional capital favors USDC due to its Treasury-backed, regulated reserve model. USDC dethroned USDT as the highest-volume stablecoin in 2026, according to data cited by Mizuho Bank.
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