Binance has signed a new five-year commercial agreement with Circle and invested $100 million in Circle equity, a move that analysts say could expand USDC’s reach in emerging markets and global trading while putting added pressure on Tether’s dominant USDT. Data cited in the report show that when the two companies first partnered in December 2024, Binance offered 140 USDC-denominated spot markets. That figure has now risen to 329. Binance’s monthly USDC trading volume has also climbed from roughly $20 billion to $40 billion before the partnership to consistently more than $80 billion.
Kaiko head of research Anastasia Melachrinos said Binance has held the largest share of USDC spot trading activity since the start of 2026, with daily volume ranging from $5 billion to $10 billion, or about 10 to 20 times that of most other trading venues. Even so, analysts said USDT still holds a clear lead. Its market capitalization stands at about $140 billion, compared with roughly $74 billion for USDC, and its long-established trading pairs, local liquidity, and user habits across global trading and payments markets remain difficult to dislodge in the near term, according to CoinDesk.
Binance has signed a new five-year commercial agreement with Circle and invested $100 million to buy shares in the stablecoin issuer, a development that could widen USDC adoption in emerging markets and global trading while adding pressure on Tether’s market-leading USDT.
USDC coverage on Binance has expanded
According to the report, Binance offered 140 USDC-denominated spot markets when the two companies first partnered in December 2024. That total has now increased to 329. Binance’s monthly USDC trading volume also rose from about $20 billion to $40 billion before the partnership to consistently above $80 billion.
Kaiko points to Binance’s lead in USDC spot activity
Anastasia Melachrinos, head of research at Kaiko, said Binance has accounted for the largest share of USDC spot trading activity since the start of 2026. Daily volume has ranged from $5 billion to $10 billion, about 10 to 20 times that seen on most other trading platforms.
USDT still holds a sizable lead
Analysts also said USDT’s market capitalization is currently about $140 billion, well above USDC’s roughly $74 billion. Its trading pairs, local liquidity, and user habits built up over many years across global trading and payments markets are still difficult to change in the short term.
The report cited CoinDesk as the source.
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