Binance has bought $100 million worth of Circle shares and signed a five-year commercial agreement to expand USDC promotion and integration across its platform, according to BlockBeats. Analysts said the arrangement gives Binance a direct stake in Circle’s growth while handing USDC a major distribution channel spanning global trading activity and emerging markets.
Platform data cited in the report shows that when Binance and Circle first partnered in December 2024, Binance offered 140 USDC-denominated spot markets. That figure has since climbed to 329. Monthly USDC trading volume on Binance also rose from a pre-partnership range of $20 billion to $40 billion to a level that has remained above $80 billion. Since the start of 2026, Binance has been handling $5 billion to $10 billion in daily USDC spot volume, roughly 10 to 20 times that of most other trading venues.
Even so, analysts do not see USDT losing its lead quickly. USDC’s market capitalization stands at about $74 billion, still below USDT’s roughly $140 billion. Martins Benkitis, co-founder of Gravity Team, said the deal increases pressure on USDT in global trading and emerging markets, but added that distribution alone is unlikely to overturn USDT’s entrenched trading pairs, local liquidity, and long-established user habits in the near term.
Binance has invested $100 million in Circle shares and signed a five-year commercial agreement to deepen the promotion and integration of USD Coin, or USDC, on its platform, according to BlockBeats on Sept. 26.
Analysts said the partnership allows Binance to participate directly in Circle’s growth while giving USDC an important distribution channel across global trading activity and emerging markets.
USDC activity on Binance has expanded since the first tie-up
Data cited in the report shows that when Binance and Circle first partnered in December 2024, the exchange had 140 USDC-denominated spot markets. That number has now increased to 329.
Monthly USDC trading volume on Binance rose from a pre-partnership range of $20 billion to $40 billion to a level that has stayed above $80 billion. Since the start of 2026, Binance has been processing $5 billion to $10 billion in daily USDC spot volume, about 10 to 20 times the level seen on most other trading platforms.
USDT still holds the stronger liquidity position in the short term
USDC’s current market capitalization is about $74 billion, still below USDT’s roughly $140 billion.
Martins Benkitis, co-founder of Gravity Team, said both sides have clear incentives to use Binance’s user base and infrastructure to scale USDC, adding that this will put more pressure on USDT’s position in global trading and emerging markets.
He also said distribution on its own is unlikely to change the market structure quickly. USDT already has deep trading-pair coverage, local liquidity, and user habits built over a long period of time.
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