As of May 2025, USDC’s trading volume surged to a record $219 billion in April, more than double its January 2024 level. This growth came amid a strategic partnership between Binance and Circle, with Binance now handling over 57% of global USDC volume. On Binance, USDC’s market share climbed from 10% to about 20%, while USDT’s share declined from 75% to around 60%
Similarly, CryptoQuant data shows USDC’s share of Binance’s stablecoin distribution skyrocketed from 0.48% to 8.26% over the past year — a 1,621% increase, largely driven by regulatory shifts like EU's MiCA
2. Price & Market Stability
USDC remains tightly pegged to the U.S. dollar. As of late July 2025, the USDC/US-Dollar price stands at approximately $0.999868, with a market cap of about $64.3 billion, and a 24-hour trading volume of $8.37 billion
Binance reports a slight decline in USDC circulation recently, but frames this as a sign of stable issuance and redemption—indicating ongoing investor confidence
3. Regulatory Landscape & Binance Strategy
European regulations, especially the MiCA framework, have facilitated USDC’s rise on Binance. As MiCA came into force, Binance began delisting non-compliant stablecoins like USDT for EU users, which inherently favored USDC
Additionally, Binance’s SAFU fund has pivoted toward a more USDC-centric reserve strategy, converting a portion of its holdings into USDC—suggesting a move toward stability amid regulatory uncertainties
4. Underlying Technical & Structural Factors
Technically, analysis on TradingView shows that the USDC/USDT pair currently presents a “strong buy” signal based on moving averages, although overall trend indicators remain neutral
Unlike USDT (which has faced criticism for opacity in reserve backing), USDC is fully backed by U.S. dollars and short-term Treasury securities, regularly audited by third parties—boosting user trust