Mizuho raises Circle price target as USDC volume surpasses Tether

Mizuho Securities has raised its price target for Circle from $100 to $120, CoinDesk reported. The move comes as Circle's USDC trading volume has surpassed that of Tether's USDT for the first time since 2019. The investment firm maintained its Neutral rating on the company. Mizuho analysts cited increased activity and expanding use cases for USDC as key reasons for the adjustment. They explained that USDC's market capitalization has shown strong resilience despite the overall downturn in the crypto market and that investor awareness of Circle's economic model and leadership in stablecoin infrastructure is growing. So far in 2026, USDC's adjusted trading volume stands at approximately $2.2 trillion, accounting for about 64% of the total, while USDT's adjusted volume is $1.3 trillion.