A Mizuho Securities analyst report states that Circle's stablecoin USDC has surpassed Tether's USDT in adjusted trading volume year-to-date, capturing 64% market share. This reverses the trend of USDT's long-term leadership from 2019 to 2025. The "adjusted trading volume" metric focuses on activities similar to real-world economic transfers, such as payments or fund transfers between exchanges and DeFi protocols. Nevertheless, USDT maintains an absolute advantage with a total market capitalization of $184 billion, far exceeding USDC's $79 billion. Mizuho Securities believes that the stablecoin most commonly used in everyday economic activities, such as payments, could be the long-term winner.

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