Circle's USDC Surpasses USDT in Transaction Volume, Mizuho Raises Price Target

Mizuho has increased its price target for Circle to $120 from $100 following USDC's impressive performance in 2026. According to NS3.AI, USDC has achieved approximately $2.2 trillion in adjusted transaction volume this year, surpassing USDT's $1.3 trillion. This marks a significant shift, as USDC now accounts for about 64% of adjusted volumes, reversing the trend from 2019 to 2025 when USDT consistently led the market.