USDC, the second-largest stablecoin by market capitalization, is experiencing a significant resurgence in the crypto market. According to Kaiko market data, USDC's CEX volume market share has more than doubled since January 2022, marking a notable turnaround.
USDC market share | Source: Kaiko via X
This development is particularly noteworthy, considering the subdued USDC activity in the first half of 2023 during the prolonged crypto bear market. The recovery follows fundamental changes in Binance, the world's largest crypto exchange, which initially delisted USDC but later reinstated it in late 2023. The relisting, coupled with Binance's extensive user base and liquidity, has substantially contributed to USDC's market share growth in centralized exchanges (CEXes).
USDC's trading activity gained momentum from late Q3 2023, coinciding with the broader market recovery led by major cryptocurrencies like Bitcoin, Ethereum, and Solana. The surge in USDC and stablecoin activity aligns with the revival of decentralized finance (DeFi) trading, surpassing $56 billion in volume, according to DeFiLlama data.
Solana price trending upward on the daily chart | Source:SOLUSDT on Binance, TradingView
Apart from Binance's relisting, USDC's resurgence is attributed to its increasing adoption on Solana, a high-performance blockchain network. In early January 2024, Artemis data revealed that USDC transaction volume on Solana surpassed that of USDT on Tron, marking a significant shift in the stablecoin landscape. The heightened on-chain activity related to USDC on Solana has led to a remarkable 11X increase in trading volume in the past three months alone, surpassing USDT.
USDC on Solana dominates | Source: Artemis
While USDT and DAI dominate stablecoin trading in Ethereum-based protocols, USDC emerges as the preferred stablecoin on Solana. The data indicates a spike in USDC trading not only on Solana but also in Ethereum, showcasing its versatility and growing influence across different blockchain ecosystems.
USDC's market share has experienced a remarkable 2X increase, driven by factors such as Binance's relisting and growing adoption on Solana. The recovery coincides with the broader market uptrend and resurgence in DeFi activity. USDC's versatility and rising influence across different blockchain ecosystems position it as a significant player in the stablecoin landscape.
Binance will convert delisted tokens to USDC starting September 2, 2024. Affected tokens include BTG, BTCST, and XMR. Users must withdraw tokens before September 1, 2024, and conversions will be completed by March 1, 2025.
Huang Bo诉讼、驳斥对于错误的纠正往往具有滞后性，改变负面印象的最佳方式是生长出正面价值。在加密资产领域，比特币如是，Binance也得如此。
JinseFinanceBinance strengthens asset security, shifts $1B SAFU fund entirely to USDC, reflecting proactive risk management amid regulatory changes.
Huang Bo"Binance strengthens user confidence with SAFU conversion to USDC, eyes return to Indian market amidst regulatory negotiations. Attains VASP license in Dubai, emphasizes compliance and transparency.
Xu LinBinance reallocates $1 billion to USDC, enhancing transparency and security, and influencing the broader crypto market.
MiyukiBinance sebelumnya telah menangguhkan deposito dolar pada bulan Juni, setelah mendapat tekanan dari SEC.
ClementFUD berasal dari dalam gedung, kata David Z. Morris, kepala kolumnis wawasan CoinDesk.
OthersPertukaran crypto terbesar di dunia berdasarkan volume perdagangan telah mengalami gelombang penarikan di tengah kekhawatiran tentang cadangan.
OthersPer pengumuman resmi, Binance telah mengumumkan bahwa mereka telah membuka kembali layanan deposit USDC (SOL) setelah peninjauan dan peninjauan internal.
BinanceBinance telah mengumumkan bahwa mereka akan secara otomatis mengonversi USDC, Pax Dollar (USDP), dan TrueUSD (TUSD) ke Binance USD (BUSD); fitur ini akan berlaku mulai 29 Sep.
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