The volume of USDC reaches a new high: Is Tether's dominance at risk?

USDC reached a record trading volume of 219 billion dollars in April 2025, more than doubling its volume since January 2024, according to Kaiko Research.

An agreement between Binance and Circle increased USDC's market share on Binance from 10% to 20%, while USDT fell from 75% to 60%.

Despite the rise of USDC, USDT leads with a market capitalization of 152 billion dollars and dominance in off-exchange use, such as cross-border payments.

Circle's USDC and Tether's USDT remain the two leading stablecoins. In 2025, USDC shows signs of strong growth in volume and market share. However, it is still behind the market leader, USDT.

Can USDC surpass USDT on centralized exchanges?

According to a report from Kaiko Research, USDC reached a new trading volume record of 219 billion dollars in April 2025. That figure is more than double the 106.5 billion dollars recorded in January 2024.

Binance, the largest cryptocurrency 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 USDC.