Markets
What to know:
- Ah! Mizuho proclaims that Circle’s USDC transactions have ballooned to a staggering $2.2 trillion in 2026, leaving poor Tether’s USDT trailing at $1.3 trillion-quelle surprise!
- This marks the first coup d’état since 2019, when USDC dared to surpass Tether, ending years of USDT tyranny over transaction flows.
- The bank, ever the optimist, has raised Circle’s price target to $120 from $100, citing hopes that USDC shall conquer realms such as prediction markets and agentic commerce. Vive la stablecoin!
Behold! Circle’s (CRCL) USDC has boldly overtaken Tether’s USDT in transaction volumes for the first time since 2019, prompting our friends at Mizuho to elevate their price forecast, all the while maintaining their neutral stance-because why commit to excitement when one can be prudent?
The shares, slightly flushed with triumph, rose 1% to $115.40 in early trading, and have waltzed up roughly 95% from their February lows. Quelle danse!
Analysts Dan Dolev and Alexander Jenkins, in a burst of clairvoyance, increased their Circle estimates, invoking “USDC activity trends and fantastical use cases like Polymarket or agentic commerce expectations.”
Stablecoins, those digital jesters backed by fiat or gold, serve as the indispensable couriers of the crypto kingdom, particularly for trade and cross-border escapades. Tether’s USDT ruled supreme with $143 billion, followed reluctantly by Circle’s USDC at $78 billion.
Their Friday report revealed that USDC has racked up approximately $2.2 trillion in adjusted transaction volume in 2026, compared to USDT’s paltry $1.3 trillion. Lo and behold, USDC now claims roughly 64% of the adjusted volume-a spectacular reversal from 2019-2025 when Tether lorded over a mere 70% share and USDC limped along at 30%.
“Why does this matter?” you ask. Because the true monarch of stablecoins will be crowned not by market cap, but by actual economic feats. Standard Chartered predicts this kingdom may swell to $2 trillion by 2028. Quelle ambition!
In recognition of USDC’s gallant performance and its expanding court of uses, Mizuho’s analysts raised their long-term Circle forecasts. They now foresee “meaningful wallets” swelling to 11.7 million by 2027, up from the previous 10 million estimate, boosting projected USDC market cap to $139 billion from $123 billion.
Circle has recently outshone other crypto-linked equities, proving that even stablecoins can have a flair for drama.
William Blair analysts chimed in, noting that while recent gains may be tangled in the web of oil prices or a potentially more assertive Federal Reserve, other, more mysterious forces may be at play.
They point instead to USDC’s resilience amid a crypto downturn, along with growing admiration for Circle’s economic model and its preeminence in stablecoin infrastructure. Bravo!
Yet, other analysts whisper of a short squeeze, a positioning-driven farce rather than genuine fundamentals, pushing the shares skyward.
While Circle delivered robust growth in USDC supply, the stock’s theatrical post-earnings jump owes more to crowded short bets than to solid financials, according to Markus Thielen, the all-knowing founder of 10x Research. Quelle comédie!
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2026-03-13 18:22