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

Japanese investment bank Mizuho remains neutral on Circle, but lifted it price target to $120 from $100. What to know : Mizuho said Circle's USDC transaction volumes have reached about $2.2 trillion year-to-date in 2026, compared with $1.3 trillion for Tether's USDT. The shift marks the first time since 2019 that USDC activity has surpassed Tether’s, reversing years in which USDT dominated transaction flow. The bank raised its Circle price target to $120 from $100, citing stronger USDC usage and growth expectations in areas such as prediction markets and agentic commerce.