Binance has seen an increase in USDC use, as traders now prefer a regulated stablecoin. The change in the use of Stablecoin also highlights the rise of Solana, where USDC is actively built.
Binance became USDC’s biggest market, achieving weekly volumes of over $24 billion in January. The exchange has drawn more than 49% of USDC’s centralized trading. After the latest surge in USDC trading, Binance has returned to activity levels since 2022. Binance itself has posted peak trading activities following the record bull market in 2024, completing shifts from other stubcoins, including BUSD and FDUSD.
USDC’s activities are growing in Binance
Binance has nine major USDC pairs, of which the USDC/USDT trading is the most active, reaching over $1 billion in 24 hours. The need to exchange USDTs may be the main source of activity as traders scrambles to drive liquidity. USDT is still widely used, but centralized traders are aiming to move to USDC. It aims to access crypto services in the Euro area in particular.
After Binance posted its latest reserve report, USDC was the Stablecoin with the largest excess reserves. Binance holds a 4.34b USDC and the user’s deposit is sitting at 3.073b. Exchanges may retain an excess ratio of 141% of user reserves, facilitating transactions and providing liquidity.
In addition to Binance, Bybit brings out a large portion of its USDC trading activities. According to a recent Kaiko report, Bybit is being carried 30% of the USDC market. Influx of meme tokens has also increased demand for liquidity, in addition to supplying newly launched, grown exchanges.
USDC Stablecoin has been seen in some skepticism due to its ability to freeze coins and blacklist addresses. So far, however, Circle has locked 266 addresses that are frozen with 91M USDC. Two addresses are held 60% Of the frozen coins, most markets are hassle-free. The use of Stablecoin is more closely monitored as exchanges aim to track the origins of funds and link them to known independent wallets.
Stablecoin swap boosts Crypto activity in 2025
Binance’s impact on the USDC market has rapidly expanded, with inflows becoming vertical. The expansion continued Influx Another indication of an ongoing swap of tokens to exchange USDT.
USDC supply expanded in early 2025, rising to more than 56B tokens as more assets were minted in Base and Solana. USDC added 10.2B to its supply over the last 30 days, while USDT cast 4.6B in the past month.
The USDC grows in regular mint of 250m tokens on the Solana network, and the tokens flow into DEXS. Solana currently carries over $12 billion in Stablecoin liquidity. The pace of USDC mint has accelerated over the past few days, with additional 580m tokens being minted by the Circle Ministry of Finance in a series of high value transactions.
💵💵💵💵106,567,936 #USDC (106,577,208 USD) USDC Treasury https://t.co/og3pdbitij
– Whale Alert (@Whale_Alert) February 12, 2025
As Stablecoin is regulating that it has bank-based Fiat reserves, the USDC Treasury claims it is creating new tokens based on deposits.
A change in the use of Stablecoin is happening as more USDT-based pairs are removed by exchanges and brokerages. USDT trading faces eurozone restrictions based on the enforcement of MICA regulations from the end of January. The pair against USDT reached 77% of total listings in 2023, but fell below 63% in 2024. Registration continued for 2025, and currently only 50% of Crypto trading pairs are cited in USDT.
USDT’s new pair list slowed in 2025 as some traders abandoned their assets and switched to USDC. |Source: Kaiko Research
The growth of USDC in 2025 was due to the influx of new trading pairs and has been replaced by USDT. After peaking in 2023, USDT slowed growth. For now, major Stablecoins still have the largest share of the newly listed pair due to their presence in the Tron chain. However, the pairs cited in USDC are expanding, accounting for up to 20% of all new pairs.
The Stablecoin market is shifting towards stricter regulations, limiting the list for synthetic stubcoins. The USDC impact could continue to grow along with supply, as the end of 2025 forecasts are expected to have a stable supply of $400 billion.
Stablecoins continues to change the crypto market as overall supply expands to 224B tokens. Stablecoins will increase leveraged trading, the Altcoin market, and Defi, but the latest inflows show that their main role is central exchange.
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