USDC trading volumes surged to consecutive all-time highs, reaching $219 billion last month, doubling since January.
According to data from Kaiko, the rise comes on the back of Circle’s key partnership with Binance, which has significantly expanded USDC’s market presence. USDC’s sharp rise starkly contrasts with the muted activity in the broader market, especially as its stablecoin competitors face challenges.
Tether has seen interest in USDT wane in the past several months, with Kaiko reporting USDT’s volume on centralized exchanges nearly halving between November 2024 and April 2025.
This contraction in the largest stablecoin’s volume isn’t a result of company-specific issues but a reflection of a broader slowdown in trading activity.
Bitcoin’s volatility and struggle to stay above resistance, first at $90,000 and then $95,000, led to a market-wide aversion to risk. This likely reduced retail participation, which put further pressure on USDT volumes, creating space for USDC to capitalize and strengthen its position.
Regulatory clarity from Europe’s impending Markets in Crypto Assets (MiCA) legislation also poses strategic issues for stablecoins. Compliance with MiCA’s standards will be required in the EU, which will benefit USDC, which has much stronger regulatory positioning and transparency than USDT.
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