Circles (CRCL) $USDC overtook the tether $USDT As trading volume increased for the first time since 2019, Japanese investment bank Mizuho raised its target price on the stablecoin issuer from $100 to $120, while reiterating its neutral rating on the stock.
Shares rose 1% in early trading to $115.40, up about 95% from February’s lows.
Analysts Dan Dolev and Alexander Jenkins said:$USDC Activity trends and use cases such as Polymarket and agent commerce expectations. ”
Stablecoins are digital tokens backed by reserves, such as fiat currency or gold, and serve as important payment and settlement rails in the crypto-economy, especially for transactions and cross-border remittances. This sector is dominated by Tether $USDT Market capitalization is $143 billion, followed by Circle. $USDC At $78 billion.
According to their Friday report, $USDC As of 2026, adjusted trading volume has been recorded at approximately $2.2 trillion, compared to Japan’s $1.3 trillion. $USDT. it gives $USDC The adjusted volume share was around 64%, a sharp reversal from 2019-2025, when Tether consistently led. $USDC It has an average share of about 30%.
Analysts said the shift is important because the long-term winners for stablecoins are likely to be determined by actual economic usage, not just market capitalization. Standard Chartered predicts that the market capitalization of stablecoins will reach $2 trillion by the end of 2028.
reflect more strongly $USDC Mizuho analysts raised some long-term predictions given Circle’s activity and expansion of use cases. They now expect “meaningful wallets” to reach 11.7 million by 2027, up from their previous forecast of 10 million and contributing to the rise in forecasts. $USDC Market capitalization increased from $123 billion to $139 billion.
Circle has recently outperformed other crypto stocks.
William Blair analysts said in a note Thursday that while the recent rise in profits is likely tied to higher oil prices and a possible hawkish Federal Reserve, other factors are likely driving the move.
They instead pointed to resilience: $USDCDespite the widespread downturn in cryptocurrencies, the company’s market capitalization has increased, as has investors’ recognition of Circle’s economic model and leadership in stablecoin infrastructure.
Other analysts pointed to a short squeeze driven by positioning rather than fundamentals as a factor in the recent stock rally.
Although the company has experienced strong growth, $USDC According to Markus Thielen, founder of 10x Research, the strong post-earnings reaction in stock prices was driven more by short bets focused on print than strong financials.
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