Kaiko announced that Binance has become the largest USDC market, reaching $24 billion in weekly trading volume and capturing 49% of global USDC trade, its highest share since September 2022. The announcement was made on their website on February 10.
According to a Kaiko report, Binance's growth in USDC trading follows its strategic partnership with Circle, aimed at expanding USDC adoption. USDC, issued by Circle, is the second-largest stablecoin by market capitalization, with a supply of over $28 billion as of early 2024. The stablecoin is widely used for trading, remittances, and decentralized finance (DeFi) applications, benefiting from regulatory transparency and full backing by cash and short-term U.S. treasuries.
Bybit's share of global USDC trading has dropped from 38% in October to just 8% following changes to its fee structure and product offerings. The exchange reintroduced trading fees on USDC pairs and announced plans to phase out USDC-settled options and futures by the end of the month. These shifts have contributed to a decline in USDC trading activity on the platform, allowing Binance to strengthen its position as the leading USDC market, as per the report.
Founded in 2017 by Changpeng Zhao and Yi He, Binance is the largest cryptocurrency exchange by daily trading volume. As of January 2025, it holds 21 regulatory approvals worldwide, making it the most regulated crypto exchange in the industry. Its most recent approval came from Brazil's Central Bank for the acquisition of the licensed brokerage firm Sim;paul, according to their website.
Kaiko, founded in 2014, is a leading provider of cryptocurrency market data, analytics, and indices, offering businesses institutional-grade, regulatory-compliant solutions. As per its website, the company collects, normalizes, stores, and distributes digital assets data via live stream WebSocket and cloud-based data feeds, enabling market participants to build data-driven applications. Kaiko is headquartered in Paris, France with additional offices in New York City; London; and Singapore.