Crypto World
USDC Overtook USDT in Adjusted YTD Volume, Says Mizuho
Analysts at Mizuho say a shift in stablecoin usage is underway, with a Circle-issued dollar-pegged token appearing to surpass its main rival in on-chain transaction volume for the first time since 2019. In a Friday research note, the bank highlighted year-to-date adjusted volumes of about $2.2 trillion for the Circle-backed stablecoin against roughly $1.3 trillion for the Tether-backed option, signaling a move toward routine payments rather than just crypto trading. The report also notes that the Circle-backed coin claims about 64% of the combined turnover between the two, reversing a long-running pattern in which the Tether-backed token led on volume. Circle’s public listing on the NYSE in June 2025 drew attention, though the initial price reaction was muted. By market cap terms, the Tether-backed stablecoin remains dominant, with approximately $184 billion in circulation compared to about $79 billion for its Circle-backed rival.
Key takeaways
- The Circle-backed stablecoin surpassed the Tether-backed counterpart in on-chain transaction volume for the year to date, underscoring a shift toward stablecoins used for everyday payments rather than speculative activity.
- Adjusted volumes show Circle’s token at about $2.2 trillion versus roughly $1.3 trillion for Tether’s stablecoin, translating into a 64% market share for Circle’s offering within the two assets’ daily activity.
- Despite the volume leadership, Tether’s stablecoin remains larger in terms of market capitalization, with around $184 billion in circulating supply versus about $79 billion for Circle’s stablecoin.
- Circle’s stock began trading on the NYSE in June 2025, and the initial move after the IPO was modest, indicating a separation between on-chain usage dynamics and traditional equity performance.
- Policy and regulatory hurdles in the United States continue to shape stablecoin discussions, with lawmakers weighing a digital asset market framework even as debates over stablecoin yield and tokenized equities persist.
Tickers mentioned: $USDC, $USDT
Sentiment: Neutral
Price impact: Neutral. The report highlights a shift in usage patterns rather than immediate price movements, with market capitalization remaining skewed toward the Tether-backed stablecoin.
Market context: The findings come as the broader crypto market contends with liquidity dynamics and ongoing regulatory discussions in Washington over stablecoins and market structure, illustrating how on-chain activity and regulatory policy can diverge in the near term.
Why it matters
The potential migration of everyday transactions toward a Circle-backed stablecoin could recalibrate how participants fund wallets, settle micro-payments, and bridge assets across networks. If a stablecoin gains traction as the preferred medium for routine exchanges, its on-chain liquidity profile, settlement efficiency, and interoperability across exchanges and wallets could influence funding costs and user experience. Yet the distinction between on-chain transaction volume and market capitalization remains pronounced: even with higher volumes, USDT continues to dominate in overall supply and market depth, which matters for liquidity when markets swing or during large withdrawals.
For builders and exchanges, the volume shift flags a possible reallocation of demand toward a different stability mechanism or settlement rails. Protocols that rely on stablecoin liquidity for cross-chain liquidity provision, automated market makers, and DeFi lending could feel the impact of changing user preferences. Regulators, meantime, watch and weigh how stablecoins interact with yield, compliance, and consumer protection norms as they craft potential standards for a broader digital asset framework.
The data also highlights how headline market capitalizations may diverge from real-world usage metrics. A stablecoin can be widely used for payments and remittances even if its nominal market cap remains smaller than that of a rival. In this case, the Circle-backed token’s stronger daily turnover suggests broader acceptance in payments corridors, merchant integrations, and cross-border settlements, while Tether’s larger capitalization preserves its role as a liquidity backbone. The coming quarters will reveal whether the usage trend persists or whether market forces re-balance these two pillars of the stablecoin ecosystem.
As part of the broader narrative, policymakers continue to weigh a structured framework for digital assets, including debates over stablecoin yield and tokenized equities. The CLARITY Act, which previously moved through parts of Congress, has faced hurdles in the Senate, where leaders indicate a priority on voting requirements rather than immediate market-structure reforms. These political dynamics create a backdrop in which on-chain metrics may diverge from regulatory momentum, making immediate price or allocation signals less predictable than the underlying activity data might suggest.
For readers tracking the big-picture trajectory, the divergence between on-chain activity and market capitalization can be telling. The shift toward a more transaction-focused usage pattern does not necessarily translate into an immediate re-rating of the asset’s value, but it does imply a growing role for a Circle-backed stablecoin in daily payments and merchant settlement. Investors and users should monitor whether this usage trend endures as merchant adoption, cross-border flows, and DeFi integrations evolve in parallel with regulatory developments.
To contextualize these movements, a separate data point underpins the narrative: Circle’s public listing on the NYSE in June 2025. While the IPO event catalyzed attention around the governance and corporate side of the ecosystem, the market reaction to the volume shift remains a separate thread, underscoring how on-chain dynamics can outpace traditional equity performance in this rapidly evolving space. The ongoing conversation around stablecoins—how they yield, how they are regulated, and how tokenized instruments may coexist—will continue to shape liquidity, risk appetites, and product design across the crypto ecosystem.
For a direct look at the discussion around USDC, USDT, and their evolving roles, readers can explore the linked materials, including deep-dive notes and index references that track price and circulation metrics over time. A video discussion related to the topic is available here: Video discussion on stablecoin dynamics.
What to watch next
- Upcoming quarterly volume disclosures for USDC and USDT to confirm whether the 64% share persists into the next data cycle.
- Progress on the CLARITY Act or alternative US digital asset market framework bills in Congress and any votes scheduled in the Senate.
- Shifts in market capitalization versus on-chain usage, including any notable changes in the size of each stablecoin’s circulating supply.
- Broader regulatory guidance on stablecoin yield, ethics, and tokenized equities and how those will impact issuer strategies.
Sources & verification
- Mizuho research note comparing transaction volumes between Circle-backed USDC and Tether-backed USDT, including the 64% market-share figure and the $2.2 trillion vs $1.3 trillion volume comparison.
- Circle stock listing on the NYSE in June 2025 and subsequent price action.
- Price index references for USDC (CRYPTO: USDC) and USDT (CRYPTO: USDT) as cited in price-tracking discussions.
- US Senate discussions around the CLARITY Act and related market-structure debates affecting stablecoins, including notes about voting-priority scheduling in the Senate.
Stablecoin usage shifts and the on-chain volume race
The latest data from a major investment bank captures a pivotal moment in stablecoin dynamics. The Circle-issued stablecoin (CRYPTO: USDC) appears to have overtaken its Tether counterpart (CRYPTO: USDT) in on-chain transaction volume for the year to date, marking a departure from a multi-year pattern in which USDT led most volume metrics. The bank’s analysis shows USDC posting about $2.2 trillion in adjusted year-to-date volume, while USDT sits around $1.3 trillion. With these figures, USDC has captured roughly 64% of the combined turnover between the two entities, signaling a shift toward stablecoins as day-to-day payment rails rather than merely a liquidity layer for whales and traders.
The juxtaposition of high transaction activity with market capitalization also tells an important story. While USDC is catching up in usage, USDT retains a commanding head start in global supply, boasting a market capitalization near $184 billion compared with USDC’s roughly $79 billion. This divergence underscores a broader theme in crypto markets: usage and liquidity can outpace capitalization when user adoption and merchant integration expand. The leadership in on-chain volume does not automatically translate into price or market-share dominance, but it does illuminate where real-world activity is concentrated and where demand for stable value storage is coalescing.
The discussion around stablecoins in the policy arena adds another layer of complexity. Lawmakers continue to debate a digital asset market structure that could govern stablecoins, yield-bearing tokens, and tokenized equities. While the CLARITY Act has flowed through various chambers, its path in the Senate remains uncertain, and recent statements from Senate leadership suggested a focus on voting requirements rather than a comprehensive market-structure bill in the near term. In this environment, traders and users may react to on-chain data and market sentiment independently of how quickly lawmakers move on the regulatory front.
From a market perspective, the contrast between volume leadership and market capitalization is not merely a curiosity; it shapes how ecosystem participants allocate capital and design services. Exchanges and wallets perspective that favor stablecoin liquidity for payments could prioritize integration with USDC’s rails if the usage trend endures, while liquidity providers still rely on USDT for broad market depth. The net effect for users could be a more diverse stablecoin landscape where multiple tokens compete on reliability, ease of use, and the breadth of acceptance by merchants and platforms.
In sum, Mizuho’s data points to a period of evolving usage patterns among the stablecoins that anchor much of the crypto economy. The fact that a Circle-backed token is capturing a larger share of on-chain volume signals a potential shift in user preference for stability in routine transactions. As policymakers weigh structural reforms and market participants adjust to new usage realities, the next several quarters will reveal whether this shift solidifies or whether the market rebalances toward a broader mix of stablecoins for settlement and payments. For readers following the crosscurrents of price, volume, and policy, the evolving picture remains a critical lens on how the crypto economy is mutating beyond headline market caps.
The Bitcoin Policy Institute (BPI), an industry advocacy group, is eyeing a target window between March and August 2026 to pass a de minimis tax exemption for Bitcoin through Congress, warning that time to pass meaningful legislation is running out.
BPI said it has engaged with 19 Congressional offices in both the House and Senate over the last three months to pitch US lawmakers on a tax exemption for Bitcoin (BTC) transactions below a certain threshold.
Expanding the de minimis tax exemptions beyond dollar-pegged stablecoins has bipartisan support, but the BPI warned that the “window is narrowing” for Bitcoin tax legislation. The BPI said:
“Congress will be increasingly consumed by midterm dynamics as summer approaches, and the bandwidth for complex tax legislation shrinks with every passing week. Senator Lummis, the issue’s most forceful champion, departs the Senate in January 2027.
If a package does not come together in the next few months, the opportunity may not return for years,” the BPI continued.
Under current US tax rules, using BTC to pay for goods and services triggers a taxable event and tax reporting to the Internal Revenue Service (IRS), preventing the use of Bitcoin as a medium of exchange.
A de minimis exemption would allow small crypto transactions, typically below a set dollar threshold, to be excluded from capital gains reporting, allowing users to spend Bitcoin without calculating gains or losses on minor purchases.
Related: Bitcoin advocate group to fight Basel’s ‘toxic’ treatment of cryptocurrency
Tax policy has kept Bitcoin as an investment and out of commerce
Wyoming Senator Cynthia Lummis introduced a bill in July 2025 proposing a de minimis tax exemptionfor cryptocurrency transactions of $300 or less, capped at $5,000 annually.
However, the bill failed to gain traction in the Senate, and a competing bill focused entirely on tax exemptions for stablecoins was introduced to the House of Representatives by Congresspersons Max Miller and Steven Horsford in 2025.
A comparison of the Lummis standalone crypto tax bill and the stablecoin de minimis tax bill.
Bitcoin payments are held back by the digital asset’s current treatment under the US tax code, according to Pierre Rochard, a board member for BTC treasury company Strive. “The number one impediment to Bitcoin payments adoption is tax policy, not scaling technology,” Rochard @said on X.
Magazine: Big questions: Should you sell your Bitcoin for nickels for a 43% profit?
1) Introduction
The Bitcoin Policy Institute is pushing for a de minimis tax exemption for Bitcoin transactions, targeting a window from March to August 2026 to move a measure through Congress. The group highlights that time is running short as lawmakers grapple with competing priorities ahead of midterm dynamics. In the past three months, BPI says it has engaged with 19 offices across the House and Senate to advocate for a carve-out allowing BTC transfers below a defined threshold to avoid capital gains reporting. While there is bipartisan interest in extending de minimis relief beyond dollar-pegged stablecoins, observers warn that the window to legislate could close swiftly, especially with Senator Lummis set to depart the Senate in January 2027. The push centers on changing how small Bitcoin transactions are treated for tax purposes, potentially unlocking greater everyday use without tax accounting for minor expenditures.
2)
Key takeaways
- The stated legislative window for a Bitcoin de minimis tax exemption runs March through August 2026, a period proponents describe as the last best chance to pass meaningful tax relief before midterms shift congressional priorities.
- nineteen congressional offices across the House and Senate report engagement by the Bitcoin Policy Institute over a three‑month period, underscoring active lobbying for a BTC-focused exemption and broader expansion beyond stablecoins.
- Senate sponsor Senator Cynthia Lummis pushed a standalone crypto tax bill in July 2025 proposing a de minimis threshold of $300 per transaction, capped at $5,000 annually, but the measure stalled in the Senate.
- In parallel, a House-friendly proposal by Max Miller and Steven Horsford in 2025 aimed to deliver de minimis relief specifically for stablecoins, reflecting a split focus within crypto tax policy debates.
- The central argument stresses that current tax treatment has effectively kept Bitcoin as an investment vehicle rather than a practical medium of exchange, with advocates positioning tax policy as the primary bottleneck to broader adoption.
3)
Tickers mentioned: $BTC
4)
Market context: The push for a Bitcoin de minimis exemption sits within a broader regulatory and policy environment where tax treatment shapes crypto payments and consumer spending. If Congress acts, small BTC transactions could flow more freely in everyday commerce, while inaction risks maintaining a framework that treats Bitcoin primarily as an asset rather than an everyday currency.
5)
Why it matters
The ongoing debate over de minimis tax treatment matters because it shapes how readily individuals can use Bitcoin for routine purchases. A successful exemption would reduce the administrative burden for ordinary consumers who transact in small amounts, potentially expanding merchant acceptance and consumer spending in the crypto space. Advocates argue that tax policy, not technology, has been the primary obstacle to widespread BTC payments adoption, a claim echoed by industry voices who emphasize the upside of aligning tax rules with the realities of digital asset use.
Yet lawmakers face a crowded legislative calendar. The BPI’s warning that the window could close as summer approaches reflects a structural challenge: tax policy is entangled with midterm dynamics, budget considerations, and broader regulatory debates. The political calculus is further complicated by aging leadership in the crypto policy arena; Senator Lummis, a leading proponent, will exit the Senate in early 2027, potentially narrowing the coalition that has championed a de minimis approach to crypto taxation.
Supporters argue that a targeted exemption for small BTC transactions would not only ease everyday spending but also set a clearer precedent for how digital assets should be treated when used as currency rather than solely as investments. The tension remains: should policy favor incremental relief that could unlock practical use cases, or push for comprehensive tax reform that addresses all digital assets at once? The next several months are likely to reveal how aggressively Congress will pursue a path forward and which constituencies—consumer advocates, merchants, or financial policy wonks—will shape the outcome.
6)
What to watch next
- March–August 2026: Legislative activity window for Bitcoin de minimis tax exemption moves through committees and potentially a full vote.
- Ongoing congressional engagement: The Bitcoin Policy Institute’s continued outreach to 19 offices to secure support and build a bipartisan coalition.
- Senator Lummis’s departure in January 2027: Assess how the leadership changes might affect the likelihood of enacting any BTC-specific tax relief.
- Comparison of bills: The trajectory of Miller–Horsford’s stablecoins-focused exemption versus the Lummis standalone crypto tax bill will influence the final framework if a package advances.
- Public-facing tax policy messaging: Watch for statements from tax authorities and industry groups clarifying how a de minimis exemption would interact with existing reporting requirements for small BTC transactions.
7)
Sources & verification
- Bitcoin Policy Institute article outlining the de minimis exemption for Bitcoin and the policy window.
- Cointelegraph reporting on the Bitcoin Policy Institute’s de minimis tax exemption push and related legislative activity.
- July 2025 Lummis proposal for a standalone crypto tax exemption with a $300 threshold and $5,000 annual cap.
- 2025 Miller and Horsford House proposal extending de minimis relief to stablecoins.
- Statements from Pierre Rochard about tax policy as the principal barrier to Bitcoin payments adoption.
7)
Why it matters
This policy debate matters because it could redefine how everyday users interact with Bitcoin, moving it from a speculative asset toward a practical currency for small purchases. If enacted, the de minimis exemption would reduce tax complexity for minor BTC transactions, potentially spurring broader acceptance by merchants and consumers alike. The timing of any agreement is critical, given midterm dynamics and the leadership shift anticipated in early 2027, which could alter legislative momentum for crypto tax reform.
At stake is whether policymakers view Bitcoin as a financial instrument warranting strict capital gains considerations or as a platform for everyday commerce needing pragmatic, policy-aligned rules. The discourse reflects broader questions about how the U.S. tax code should treat digital assets as their use cases evolve—from store of value to medium of exchange—and how to balance investor protection with practical adoption. The coming months will test whether a narrowly tailored exemption can bridge these aims without creating new loopholes or regulatory gaps.
9)
What to watch next
- March–August 2026: Legislative activity window for Bitcoin de minimis tax exemption moves through committees and potentially a full vote.
- Ongoing congressional engagement: The Bitcoin Policy Institute’s continued outreach to 19 offices to secure support and build a bipartisan coalition.
- Senator Lummis’s departure in January 2027: Assess how the leadership changes might affect the likelihood of enacting any BTC-specific tax relief.
- Comparison of bills: The trajectory of Miller–Horsford’s stablecoins-focused exemption versus the Lummis standalone crypto tax bill will influence the final framework if a package advances.
- Public-facing tax policy messaging: Watch for statements from tax authorities and industry groups clarifying how a de minimis exemption would interact with existing reporting requirements for small BTC transactions.
9)
Sources & verification
- Bitcoin Policy Institute article outlining the de minimis exemption for Bitcoin and the policy window.
- Cointelegraph reporting on the Bitcoin Policy Institute’s de minimis tax exemption push and related legislative activity.
- July 2025 Lummis proposal for a standalone crypto tax exemption with a $300 threshold and $5,000 annual cap.
- 2025 Miller and Horsford House proposal extending de minimis relief to stablecoins.
- Statements from Pierre Rochard about tax policy as the principal barrier to Bitcoin payments adoption.
After reaching a monthly high of $2,209 on Friday, Ether (ETH) price fell back below a key monthly resistance, which has been tested five times since February.
While onchain data highlights a large cluster of investors near $2,800, Ether’s futures market data shows traders are scaling back positions after this week’s rally.
Investors’ $2,800 cost basis highlights a major accumulation zone
Data from Glassnode indicated that ETH’s cost-basis distribution heatmap shows a heavy accumulation near $2,800, where more than 3 million ETH were previously purchased.
The cost-basis clusters identify the price zones where large groups of investors established positions, often acting as magnets during upward moves as investors defend entry levels or add exposure.
The data suggests a potential pathway toward $2,800. Notably, there is a relatively limited historical supply concentration between $2,200 and the $2,800 cost-basis cluster, meaning a break above the current range may allow the price to move more freely into that range.
From a technical standpoint, the 200-day simple moving average (SMA) also intersects near the $2,800 level on the daily chart, a key indicator ETH has not approached since early January.
However, derivatives data suggest traders remain cautious near the present price range.
Related: Ethereum Foundation publishes mandate clarifying role and goals
Ether futures activity fades after $2,200 test
Ether’s futures market activity expanded during this week’s rally, with open interest rising 21% to $10.9 billion from $9 billion this week as the price pushed toward $2,200. The increase suggests traders were opening new leveraged positions as Ether moved higher.
However, the positioning shifted once ETH tested the upper range. Open interest fell roughly 6% after the $2,200 test, indicating some traders began closing positions rather than adding new exposure.
The pullback suggests long traders likely took profit or reduced risk near the upper boundary of the range, slowing the rally’s momentum.
Spot market activity showed improving demand during the move. Spot volume cumulative delta (CVD), which tracks aggressive buying versus selling, rose sharply to $87 million from -$150 million on March 8, indicating buyers stepped in as Ether rebounded from the $2,000 region.
However, order-flow data reflected a fading bullish sentiment. The bid–ask ratio remained strongly positive while Ether consolidated near $2,000, showing buyers dominated trading during the range phase.
That strength faded as the price approached $2,150, signaling reduced buying pressure near the top of the move.
Hyblock data offered additional clarity in the derivatives markets. The futures positioning remains relatively balanced, with long traders accounting for about 59.4% of Ether futures exposure on Binance.
Such a balanced outlook often leads to choppy price action as the market struggles to decisively break through nearby resistance levels.
The data shows a divergence forming, while past ETH accumulation points toward a rally to $2,800. With this in mind, it is clear that Ether futures traders remain cautious near ETH’s current range.
Related: Ethereum accumulation wallets jump 30%: Will ETH price follow?
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.
Global market volatility persists, yet when Alibaba’s AI models are fed a carefully engineered prompt, they reveal strikingly optimistic forecasts for XRP, Bitcoin, and Ethereum heading into the latter part of 2026.
Bolstering the broader crypto outlook, a recent agreement between the SEC and CFTC to align their regulatory strategies signals that comprehensive U.S. cryptocurrency legislation could soon take shape.
If that regulatory framework emerges, Alibaba’s bullish AI projections could begin to look far more realistic.
Let’s take a look at the charts…
XRP (XRP): Alibaba AI Forecast: XRP to $8 by Christmas
Ripple recently emphasized that XRP ($XRP) serves as the foundational asset in its vision to evolve the XRP Ledger into a worldwide enterprise-grade payment infrastructure.
Designed for swift, low-cost settlements, the XRPL now positions Ripple advantageously in booming areas like stablecoins and tokenized real-world assets.
XRP trades near $1.45 today, with Alibaba AI predicting a surge as high as $8 by year-end, delivering 5.5x returns for those holding positions if it plays out.
The chart displays a sustained bullish flag pattern, typically preceding strong upward moves. XRP’s current position is also strengthened by its neutral relative strength index (RSI) reading of 53.
Watch for catalysts such as inflows via newly launched U.S. XRP ETFs, Ripple’s growing international partnerships, and the likely passage of the CLARITY Act through Congress soon.
Bitcoin (BTC): Alibaba AI Sees Bitcoin Hitting $250,000 by Year-End
Bitcoin ($BTC) hit a peak of $126,080 in early October before experiencing a sharp correction, shedding roughly half its value amid broader pressures.
Even so, AI evaluations suggest Bitcoin remains positioned for major upside, possibly rising from today’s price of $73,500 all the way up to $250,000 by 2027.
Viewed as “digital gold,” BTC draws capital seeking portfolio diversification and protection from inflation plus geopolitical risks.
With a $1.4 trillion market cap within the $2.4 trillion total crypto space, Bitcoin’s dip aligned with rising tensions between US and Iran and Greenland, yet after all-out war between Iran and US on February 28, Bitcoin appears to be doing better, a sign that the volatility was likely priced in beforehand.
If President Trump follows through on establishing a national Strategic Bitcoin Reserve, Bitcoin could go even further, potentially hitting $1 million in the years to come.
Ethereum (ETH): Could Ether Reach Five Figures in 2026?
Ethereum ($ETH) stands as the leading smart contract blockchain, powering much of decentralized finance activity.
Boasting a market cap of $264 billion and a substantial $57 billion TVL, it functions as the core layer for on-chain commerce.
Robust network security, dominance in stablecoins, and increasing real-world asset tokenization strengthen arguments for wider institutional participation.
Regulatory progress remains pivotal; the passing of the CLARITY Act would deliver the certainty needed for institutions to deploy large amounts of capital on the network.
ETH hovers just below $2,200 currently, facing sticky resistance at $3,000, $4,000 and $5,000, as seen en route to its ATH of $4,946 last summer.
A firm breakout could propel Ethereum to a new ATH just above its last, around $5,041, according to Alibaba AI.
Maxi Doge: Emerging Meme Coin Aims for Major Upside
In a crypto bull market, meme coins frequently deliver outsized performance by magnifying overall price trends.
Maxi Doge ($MAXI) stands out as an intriguing fresh meme coin, having secured $4.7 million in its ongoing presale amid expectations it might challenge leaders like BONK or Floki.
Touted as a bold, hard-pumping, distant degen cousin to Dogecoin, it channels the viral comic memes and high-risk-high-reward marketing of the 2021 meme coin boom.
Built as an ERC-20 token on Ethereum’s proof-of-stake chain, MAXI offers a greener alternative to Dogecoin’s proof-of-work mechanism.
Presale participants can stake $MAXI for yields reaching up to 67% APY, though rates taper as more people stake.
Currently priced at $0.0002808 in this stage, the token sees nominal fixed price rises as it moves through funding rounds.
Prospective buyers should visit the official website and connect a supported wallet such as Best Wallet.
Card payments are also supported.
Visit the Official Website Here
The post China’s Alibaba AI Predicts the Price of XRP, Bitcoin and Ethereum by The End of 2026 appeared first on Cryptonews.
Analysts at the investment company said the change was significant because the stablecoin “winner” will be the one people use for everyday transactions.
Japanese investment bank Mizuho reported that stablecoin issuer Circle’s USDC overtook Tether’s USDt in transaction volume for the first time since 2019.
In a research note released on Friday, Mizuho said it had raised its price target for Circle stock from $100 to $120 after comparing transaction volumes between the two major stablecoins. According to Mizuho, USDC (USDC) had about $2.2 trillion in adjusted transaction volume for the year to date, compared with USDt (USDT) at $1.3 trillion.
“The data shows USDC vs. USDT volumes at 64% market share,” said Mizuho. This is a reversal in a long-term trend of USDT volumes surpassing USDC in 2019-2025.”
The stock price for Circle, which went public on the NYSE in June 2025, was little changed following the Mizuho report’s release. While the investment bank reported that USDC had overtaken USDT in transaction volume, Tether’s stablecoin remained the largest by market capitalization, at about $184 billion, compared with USDC’s $79 billion.
Related: DOJ and Europol take down SocksEscort network tied to crypto fraud
According to Mizuho analysts, volume data is significant because the stablecoin “winner” will be the one people use for everyday transactions, not just market capitalization.
Fight over stablecoin yield continues in US government
In Washington, DC, it’s unclear whether lawmakers and policymakers will reach an agreement that would allow a digital asset market structure bill to move forward in Congress.
The legislation, called the CLARITY Act when it passed the House of Representatives, has been stalled in the Senate amid debates over stablecoin yield, ethics, and tokenized equities.
Senate Majority Leader John Thune reportedly said on Thursday that the chamber would prioritize a bill on voting requirements rather than market structure, which he didn’t anticipate passing before April.
Magazine: Bitcoin’s ‘narrative vacuum,’ Ethereum now inevitable: Trade Secrets
Trend Research is again moving size through Binance, pulling 27,000 ETH off‑exchange while wiring in about $150m USDC, signaling fresh positioning after its brutal ETH unwind.
Summary
- An address tied to Trend Research withdrew 27,000 ETH from Binance, then sent roughly $150.47m in USDC back to the exchange in recent hours.
- Earlier this year the same firm dumped over 700m worth of ETH to Binance to repay Aave loans, realizing an estimated $700m‑plus loss on a looped long.
- The new pattern of ETH out and USDC in suggests Trend Research is rotating into fresh ETH strategies rather than simply de‑risking, making its flows a key ETH liquidity signal.
Trend Research is back moving size through Binance, this time cycling Ethereum (ETH) out and USDC in, in a way that looks like renewed ammo for directional ETH positioning rather than simple de‑risking.
Trend Research pulls ETH, then pushes USDC to Binance
On‑chain monitoring shows an address linked to Trend Research withdrawing 27,000 ETH from Binance in recent hours, before later transferring approximately $150.47 million in USDC back to the exchange. At current prices, the ETH withdrawal represents tens of millions of dollars in value, while the subsequent USDC inflow reloads the firm’s on‑exchange stablecoin balance. The sequence — assets out, stables in — fits a pattern seen before with Trend Research, where it actively rotates between ETH spot, derivatives exposure, and loan repayment.
This latest move comes against the backdrop of Trend Research’s highly publicized ETH strategy over the past months. The firm, associated with LD Capital, previously built a position of around 600,000–650,000 ETH using large Aave loans, then repeatedly transferred six‑figure ETH amounts to Binance to cut risk as prices moved against it, crystalizing hundreds of millions of dollars in realized losses.
Context: from forced selling to fresh firepower
Earlier this year on‑chain analysts tracked Trend Research sending 216,000 ETH — roughly $411 million — to Binance in a single day, having sold a total of 404,600 ETH at an average price of about $2,071 to avoid liquidation. In another episode, the firm was reported to have effectively “almost sold all of its ETH,” depositing 772,865 ETH back to Binance at around $2,326 after originally buying 792,532 ETH near $3,267, locking in an estimated $747 million loss. Those flows were clearly defensive, aimed at repayment and survival of a heavily leveraged book.
By contrast, the current pattern of withdrawing ETH while sending a fresh nine‑figure USDC tranche into Binance suggests Trend Research is again actively positioning rather than just unwinding. One plausible read is that ETH is being moved to self‑custody or DeFi while USDC sits on Binance as dry powder for new derivatives or spot entries, consistent with prior behavior where the firm borrowed stablecoins from Aave, sent them to Binance, and ran a large ETH carry and directional strategy.
What it signals for ETH traders
For market participants, Trend Research’s renewed activity matters because of sheer size. When a player that has moved hundreds of thousands of ETH and billions of dollars through Binance starts rotating again in 20,000–30,000 ETH clips and nine‑figure USDC transfers, it can affect short‑term liquidity, funding, and sentiment around key levels.
Traders watching ETH should monitor follow‑through: if on‑exchange ETH balances fall while USDC balances associated with Trend Research rise, that tilts toward accumulation or DeFi deployment; if the reverse happens and ETH deposits spike with spot selling, it points back to forced de‑risking. Either way, Trend Research’s flows remain a live barometer of how an over‑levered institutional whale is trying to navigate this phase of the cycle, and ignoring them is a luxury only small accounts can afford.
Summary
- French Hill said the CLARITY Act could resolve issues left open by the GENIUS Act.
- Hill noted the House passed the CLARITY Act with bipartisan backing, including 78 Democratic votes.
- Lawmakers aim to ensure equal rules for bank and nonbank stablecoin issuers, Hill said.
French Hill, chair of the U.S. House Financial Services Committee, said the CLARITY Act could help address unresolved issues in the GENIUS Act.
French Hill remarks on CLARITY and GENIUS Acts
Hill discussed concerns raised by banks about how crypto firms may be regulated under the proposed framework, according to a Fox Business interview. The lawmaker pointed out that the House had already passed the CLARITY Act with bipartisan support.
“In the House last summer, we created the act, and we passed CLARITY Act in the House, with 78 Democratic votes,” Hill said. The legislation is part of broader efforts in Washington to define how stablecoins and other digital assets should operate within U.S. financial markets. Policymakers are also debating whether crypto firms should face the same oversight as banks.
Hill said lawmakers from both parties have already agreed on one key principle. “On a bipartisan basis we said stablecoin should not pay yield,” he said. The issue has become central to discussions around the GENIUS Act. That bill focuses on the regulatory framework for stablecoin issuers.
Hill suggested that some remaining concerns could be addressed through the CLARITY Act. “In my view this independent issue can be resolved in the CLARITY Act,” he said.
He also indicated that certain questions may be handled through regulatory rulemaking rather than new legislation. In particular, he pointed to potential rules on rewards or incentives tied to stablecoin transactions.
“I think all the issues about paying rewards should be dealt with in the regulatory proposal that Treasury has to come up with,” Hill said. “I think that’s best resolved in the GENIUS Act,” he added.
Banks Oppose CLARITY Act
Major banks have argued that crypto companies could gain a competitive advantage if they operate under lighter regulation. Executives from traditional finance have called for equal standards across the industry.
Hill said parity between different issuers is a key objective. “We want equal treatment between bank and nonbank issuers of stablecoins,” he said. The debate has drawn comments from banking leaders such as Jamie Dimon of JPMorgan Chase & Co.
Some executives have questioned whether the proposed legislation gives crypto firms too much flexibility. Hill said lawmakers want to avoid regulatory imbalance as the market evolves. “All issuers should be treated the same way,” he said. “You don’t want to have an imbalance between people using a dollar-backed stablecoin on their platform,” Hill remarked.
Crypto World
DeepSnitch AI Price Prediction 2026: Investors Rush In After $14 Targets As March 31 Launch Approaches, Can This New AI Coin Replace Bonk After Bonk.Fun Hack?
Solana will be joining the Mastercard Crypto Partner Program with an aim to bring digital payments into everyday use. As confirmed in a post on X by Solana Payments, the firm has joined more than 85 crypto firms focusing on bringing clear payment solutions.
Despite this development, the price of Solana (SOL) remained red on March 12. However, market participants are now rotating into DeepSnitch AI (DSNT) as the DeepSnitch AI price prediction for 2026 points to a breakout towards $14.
DeepSnitch AI is a market analytics and prediction platform capitalizing on AI to provide retail investors with actionable insights. This crypto, now in presale, is priced at $0.04399. DeepSnitch AI has accumulated more than $2.1 million, as interest continues to grow day-by-day.
Solana joins Mastercard’s crypto partner program in a bid to boost payments
The Mastercard Crypto Partner Program brings together top crypto entities looking to work together to bring effective payment solutions. By joining the program, Solana will be a part of a shared platform where expertise flows both ways, bridging on-chain solutions with everyday commerce.
Currently, Solana can process up to 65,000 transactions per second. However, the network aims to continue building sustainable growth for digital asset use cases. Other notable firms on the program include the likes of Binance, Ripple, and PayPal.
DeepSnitch AI price prediction for 2026 as Bonk gets hacked
1. DeepSnitch AI prediction 2026: Is DSNT set for a rally to $14?
Artificial intelligence is here to stay, especially in crypto. AI agents introduce speed and accuracy in a sector where they matter the most. As you know, one moment a coin may be up, the next, it’s crashing.
DeepSnitch AI understands that fully, and that’s why SnitchFeed, SnitchCast, SnitchGPT, SnitchScan, and AuditSnitch were developed to offer you a helping hand. These tools flag sentiment shifts, potential risks, gems, and FUD changes. Interestingly, these tools are all found under one roof.
However, DeepSnitch AI is not a one-size-fits-all. Instead, each tool has a distinct purpose. But together, the tools combine to make DYOR easier, turning crypto trading into a lucrative venture.
Because of its clear value, DeepSnitch AI is experiencing significant bullish sentiment, with a bullish DeepSnitch AI price prediction. The forecasts suggest that a 300x rally could materialize.
According to the DeepSnitch AI token outlook, DSNT is now priced at $0.04399. A 300x rally could push the DeepSnitch AI future price to $14. This could turn even $1,000 into a huge portfolio.
2. Midnight price prediction for 2026
Midnight (NIGHT) traded at $0.04739 on March 12, following a 1.9% surge on the day. However, NIGHT is down by 21% over the past 7 days, signaling this crypto could be fading out.
According to the daily chart on TradingView, Midnight is plummeting towards a key support zone around $0.04382. If this level breaks, NIGHT could slide further. However, a surge past $0.06215 could invalidate the bearish Midnight price prediction.
3. Bonk price prediction as Bonk.fun gets hacked
Bonk.fun, a community-driven Solana token issuance platform backed by Raydium and the BONK, was hacked on Thursday as malicious individuals installed wallet drainers on the official website. While the team moved swiftly to warn users, the news spread across the market.
However, the incident did not have much impact on the BONK token. Bonk traded at $0.000005977, down by 1.1% on the weekly timeframe and 0.7% over the past 24 hours. The latest Bonk price prediction shows that Bonk could continue to face bearish pressure as the MACD remains bearish.
Final verdict
The DeepSnitch AI price prediction for 2026 is bullish, while Bonk and Midnight face bearish pressure. Stemming from the bullish sentiment, the DeepSnitch AI future price may reach $14.
Such a move would mean actualization of the 300x rally, as rumors swirl. DeepSnitch AI could launch soon, hence now is the right time to buy this 2026 runner.
Visit the official website for more information, and join X and Telegram for community updates.
FAQs
1. How high will DeepSnitch AI go in 2026?
The DeepSnitch AI token outlook shows that DeepSnitch AI is very bullish. Once launched, this crypto is expected to rally to $14 this year, as indicated by the ‘DeepSnitch AI prediction 2026’.
2. Is DeepSnitch AI legit?
Yes, DeepSnitch AI is a legit crypto, audited by SOLIDProof and Coinsult. This year, the DeepSnitch AI price prediction highlights a potential 300x rally.
3. Is DeepSnitch AI a good investment?
The DeepSnitch AI future price is expected to reach above $14. This positions DSNT as the best crypto presale to purchase if you are chasing substantial returns.
Disclaimer: This is a Press Release provided by a third party who is responsible for the content. Please conduct your own research before taking any action based on the content.
Synthetix price moved slightly higher as the project published its roadmap for 2026, which includes token buybacks and new trading products.
Summary
- Synthetix price rose slightly after the protocol published its roadmap for 2026.
- The plan includes SNX buybacks, multi-collateral trading, and new markets on Ethereum.
- On the chart, Synthetix price is forming a compression pattern near the $0.32 level.
At press time, Synthetix (SNX) token traded at $0.3251, up about 2.9% in the last 24 hours. The token has stayed inside a narrow weekly range between $0.3008 and $0.3262.
Price movement has been slow but steady in recent weeks. SNX is up around 2% over the past seven days and roughly 20% over the past month as the market attempts to recover from earlier losses.
Trading activity has also increased slightly. 24-hour volume reached about $13.4 million, which is 11% higher than the previous day. Derivatives data from CoinGlass shows futures volume rising 10% to $41 million, while open interest climbed 6% to $16.39 million.
2026 roadmap included SNX buybacks
The move comes after the Synthetix team published a long update outlining how the protocol plans to grow during 2026.
According to the roadmap, trading revenue from Synthetix Perps will initially be used to buy back both SNX and the protocol’s stablecoin sUSD. Once the sUSD peg is fully restored, buybacks are expected to focus entirely on SNX.
The plan also includes a major expansion of trading features. In April, users will be able to deposit assets like ETH and cbBTC directly as margin on Synthetix Perps, rather than converting everything into a single collateral asset.
The change could bring more liquidity into the platform by allowing traders to use idle assets already held on Ethereum.
Other updates are scheduled later in the year. The protocol plans to introduce basis trade vaults, launch a public liquidity pool vault, and expand markets beyond crypto to include commodities and forex trading.
Developers also outlined a longer-term plan to transform sUSD into a fully decentralized stablecoin backed by delta-hedged crypto collateral.
The roadmap marks another step in the protocol’s restructuring. Over the past year, the project moved away from multiple Layer-2 deployments and shifted its focus back to Ethereum mainnet, where it now runs a centralized limit order book-style perpetual futures exchange.
Technical analysis: SNX forms tight compression
On the chart, SNX is moving inside a tight consolidation zone near $0.32–$0.33 after months of decline.
Volatility has dropped during the past several weeks. The Bollinger Bands have started to narrow, which often appears before a stronger price move once the range breaks.
Resistance is now seen around $0.39–$0.40, a level where price was rejected during earlier rallies. Support remains lower, around $0.27–$0.30, where buyers stepped in during the February decline.
Momentum indicators show that selling pressure has eased. The relative strength index has climbed back toward the 50 level, moving away from the oversold zone that appeared earlier in the downtrend.
If SNX pushes above $0.39, the move could open the door toward the $0.45–$0.50 range. That would confirm a breakout from the compression pattern.
On the downside, a drop below $0.30 could weaken the structure and expose the $0.27 area again, which has acted as a key support level in recent months.
Binance spot flows show a late‑cycle alt pattern: oversold names like GTC and OGN mean‑revert, QTUM and RUNE lead thin breakouts, while SCR, THETA and TRX bleed as liquidity exits.
Summary
- Binance spot data flag GTC, OGN and BANANA in “bottoming rebound” mode, with 5–8% bounces off oversold levels rather than fresh trend breaks.
- QTUM, RUNE and MOVE are printing intraday highs with 5–7% gains, showing where real short‑term momentum and order‑book slippage now sit.
- SCR, THETA and TRX are sliding to new lows, a classic distribution tape where liquidity leaves and anyone still “investing” without stops is just donating.
Binance spot is doing what it always does in late‑stage moves: rewarding early degenerates in illiquid names and punishing anyone chasing laggards without a plan.
Altcoins in “bottoming rebound” mode
Binance spot data show several small and mid‑cap altcoins staging what the feed calls a “bottoming rebound.” GTC is up 7.52% over the past 24 hours, OGN has gained 5.84%, and BANANA is higher by 5.03%, all bouncing off depressed levels rather than breaking into new trend regimes. For anyone trading these, understand the context: this is classic mean‑reversion from oversold, not some structural rotation into fundamentals.
In parallel, QTUM, RUNE and MOVE have pushed to intraday highs, with gains of 5.34%, 7.22% and 6.28% respectively. That’s where real momentum lives right now: coins with just enough liquidity to move, just illiquid enough to blow through order books when a few desks lean the same way.
Bleeders: SCR, THETA, TRX
On the other side of the tape, a trio of names is getting clubbed. SCR is down 8.38% from intraday high to low, THETA has dropped 9.06% to a new weekly low, and TRX printed a new daily low, off 5.29%. This is what distribution looks like: previously‑bid names running out of greater fools while the rest of the market celebrates elsewhere.
If you are still long these without a defined stop, you are not “investing,” you are donating. The market is telling you liquidity is leaving the room; your job is to listen, not argue.
How to actually trade this
Treat the “bottoming rebound” names as short‑horizon vehicles: tight risk, fast profit‑taking, no diamond‑hands fantasy. When you see low‑liquidity coins flying 5–8% in a day after being left for dead, that’s order‑flow, not structural demand — size accordingly.
For the winners making intraday highs (QTUM, RUNE, MOVE), only two strategies are acceptable: buy early and cut fast if momentum dies, or fade parabolic spikes with defined invalidation once funding and spot volumes go stupid. For the losers (SCR, THETA, TRX), either you cut and move capital to where the tape is paying, or you write the position to zero and stop pretending you’re a trader.
The feature lets tokenized agents direct onchain revenue toward buying back and burning their own tokens.
Solana-based memecoin launchpad pumpfun has rolled out a new feature that connects AI agents to tokenonomics, allowing projects to automatically funnel agent-generated revenue into token buybacks and burns.
The tool, called Tokenized Agents, targets what pumpfun describes as a core problem in the growing “agentic economy” – a lack of value alignment between successful AI agent projects and the communities that form around them.
How It Works
Under the new system, developers launch a token on the platform, set a revenue buyback percentage, and integrate their agent using a provided configuration file. When the agent earns revenue, whether from SaaS products, trading, or other sources, a portion is automatically used to buy back and burn the token.
Buybacks are executed by a centralized buyback authority and instantly burned. Only revenue denominated in SOL and USDC is eligible, and a minimum threshold of $10 in accumulated revenue is required before a buyback is triggered.
It’s worth noting that the agents themselves are not deployed on pumpfun, whose role is limited to enabling the onchain buyback-and-burn mechanism tied to the token.
Existing Tokens Can Opt In
The feature is not limited to new launches. Existing tokens on the bonding curve or migrated to PumpSwap can activate the Tokenized Agent toggle from their coin page. Multiple unrelated agents can also contribute revenue toward buybacks for the same token.
Token creators retain the ability to adjust buyback percentages at any time. Revenue not allocated to buybacks remains claimable by the creator. Creator fees, which are rewards generated from trading volume, are enabled by default, though creators can opt to redirect them as cashback for traders instead, a feature the platform introduced in February.
The launchpad’s native PUMP token is up 8% over the past week amid a broad market rebound.
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