The USDC of Circle and the USDT of Tether remain the first two Stablecoins. In 2025, the USDC showed signs of strong growth in volume and market share. However, he still hangs behind the market leader, USDT.
This article examines the key data on the USDC of the latest Kaiko report and assesses the position of the USDC on the highly competitive market of Stablescoin.
Can the USDC exceed the USDT on centralized exchanges?
According to a Kaiko Research report, the USDC has reached a new record in volume of negotiation with $ 219 billion in April 2025. This figure is more than double the $ 106.5 billion recorded in January 2024.
Binance, the largest crypto exchange in the world, played a crucial role. Thanks to a strategic agreement signed with Circle in December 2024, it represented more than 57% of the global trading volume of the USDC.
Kaiko’s data indicate that the USDC market share among the stablescoins on the Binance increased from 10% at the end of last year to almost 20% today.
On the other hand, the USDT market share on the Binance increased from 75% at the end of 2024 to around 60% today.
Two main factors explain this impressive growth in volume and from the USDC. First, the partnership with Binance gave the USDC access to a large user base.
Secondly, the USDC benefited from the growing demand for stables -co -compliance with regulations, especially in Europe, where the Mica frame is now in force.
“The agreement is also very profitable for Binance, with Circle paying more than $ 60 million, plus the incentives in progress, while aligning on the thrust of Binance compliance according to the rules of European mica.” – Kaiko reported.
In addition, when comparing the volume changes between USDC and USDT during the same period, the USDC is distinguished as the stronger interpreter.
Since November 2024, the monthly volume of the USDT has dropped by 49%. On the other hand, the volume of the USDC increased by 16%.
“While the USDC is gaining momentum on centralized exchanges, the USDT of Tether is faced with opposite winds. – Kaito explained.
Despite the growth of the USDC, it still has a long way to go before it catches up with the USDT. In May 2025, the USDT market capitalization was $ 152 billion, 2.3 times higher than its market capitalization in July 2022.
Meanwhile, USDC’s market capitalization is $ 60 billion, 12% higher than its level in July 2022.
Tether, the company behind the USDT, has also reported exceptional profits. He won $ 13 billion in 2024, compared to $ 155 million in circle compared to the same year. In addition, the USDT still dominates in the outdoor applications, in particular in cross -border payments.
USDC and USDT continue to be the best stablescoins. However, the Stablecoin space could change quickly as new competitors are emerging. The main financial institutions such as Paypal, World Liberty Financial, Fidelity, Ripple, Blackrock and Meta participated in competition.
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