Binance Dominates USDC Trading, Increasing Pressure on Tether
- Binance has captured the largest share of USDC spot trading, processing between $5 billion and $10 billion in daily volume.
- This volume is approximately 10-20 times greater than most other exchanges, which typically see volumes below $0.5 billion.
- The market capitalization of USDC is around $74 billion, making it the second-largest U.S. dollar stablecoin after Tether’s $140 billion USDT.
- Circle has announced a $400 million acquisition of Singapore-based Tazapay to enhance its stablecoin payment infrastructure.
- Major financial institutions like Visa, Mastercard, and Stripe are expanding into stablecoin payments and infrastructure.
As Binance expands USDC‘s reach in emerging markets, its dominance in the market is expected to grow further, increasing competition with Tether.
With Binance processing up to $10 billion daily in USDC trading, it significantly outpaces other exchanges and intensifies pressure on Tether’s market position. (Source)
