Circle的USDC顯示出強勁增長的跡象

在2025年，USDC顯示出數量和市場份額強勁增長的跡象。但是，它仍然落後於市場領導者USDT。

Circle’s USDC and Tether’s USDT remain the top two stablecoins in the crypto market. While both have shown impressive performance, focusing on USDC reveals interesting trends.

Circle的USDC和Tether的USDT仍然是加密貨幣市場中的前兩名。儘管兩者都表現出令人印象深刻的表現，但專注於USDC揭示了有趣的趨勢。

Can USDC Overtake USDT on Centralized Exchanges?

USDC可以超過集中式交流嗎？

According to the latest report from Kaiko Research, USDC reached a new record in trading volume with $219 billion in April 2025. This figure is more than double the $106.5 billion recorded in January 2024.

根據Kaiko Research的最新報告，USDC在2025年4月以2190億美元的價格達到了交易量的新記錄。這一數字是2024年1月記錄的1065億美元的兩倍以上。

The report highlights Binance's crucial role, accounting for over 57% of USDC's global trading volume thanks to a strategic agreement signed with Circle in December 2024.

該報告強調了Binance的關鍵作用，佔USDC全球交易量的57％以上，這要歸功於2024年12月與Circle簽署的戰略協議。

As a result, USDC's market share among stablecoins on Binance increased from 10% at the end of last year to nearly 20% today. In contrast, USDT's market share on Binance decreased from 75% at the end of 2024 to approximately 60%.

結果，USDC在Binance方面的市場份額從去年年底的10％增加到了今天的近20％。相比之下，USDT對二手股的市場份額從2024年底的75％下降到約60％。

Two main factors explain this impressive growth in USDC's volume and share. Firstly, the partnership with Binance gave USDC access to a large user base.

兩個主要因素解釋了USDC的數量和份額的令人印象深刻的增長。首先，與Binance的合作關係使USDC訪問了大型用戶群。

Secondly, USDC benefited from the growing demand for regulatory-compliant stablecoins, especially in Europe, where the MiCA framework is now in effect.

其次，USDC受益於對符合法規符合法規的Stablecoins的需求不斷增長，尤其是在歐洲，那裡的雲母框架現已有效。

“The deal is also highly profitable for Binance, with Circle paying over $60 million upfront plus ongoing incentives, while aligning with Binance's compliance push under Europe’s MiCA rules.”

“這項交易對於Binance來說也很高，Circle的預付款超過6000萬美元，加上正在進行的激勵措施，同時與Binance在歐洲的MICA規則下的合規性推動一致。”

When comparing the volume changes between USDC and USDT during the same period, USDC stands out as the stronger performer.

在比較同期USDC和USDT之間的體積變化時，USDC脫穎而出。

Since November 2024, USDT's monthly volume has dropped by 49%. In contrast, USDC's volume has increased by 16%.

自2024年11月以來，USDT的每月銷量下降了49％。相反，USDC的數量增加了16％。

“While USDC is gaining momentum on centralized exchanges, Tether’s USDT is facing headwinds. USDT trading volumes on CEXs have dropped sharply… mirroring a broader contraction in USD-denominated trading activity. This decline reflects persistent risk-off sentiment, weaker retail engagement, and limited speculative appetite across crypto markets.”

“儘管USDC在集中交流方面取得了動力，但Tether的USDT面臨逆勢。美國國際經銷公司的USDT交易量急劇下降……反映了以USD計數的交易活動的更廣泛的收縮。這一下降反映了持續的風險情緒，零售業的零售量，零售額較弱，遍布較弱的散發性，跨越了Plosectation Crypetation Crytotical Markets Markets。

Despite USDC's growth, it still has a long way to go before it catches up with USDT. As of May 2025, USDT's market capitalization is $152 billion, 2.3 times higher than its market cap in July 2022.

儘管USDC增長了，但在趕上USDT之前，還有很長的路要走。截至2025年5月，USDT的市值為1520億美元，比2022年7月的市值高2.3倍。

On the other hand, USDC's market cap is $60 billion, only 12% higher than its July 2022 level.

另一方面，USDC的市值為600億美元，僅比其2022年7月的水平高12％。

Furthermore, Tether reported outstanding profits of $13 billion in 2024, compared to Circle's $155 million over the same year, attributing it to "net income from interest-bearing assets."

此外，繫繩報告說，2024年的未償還利潤為130億美元，而Circle同年的1.55億美元則歸因於“來自利息資產的淨收入”。

Finally, USDT still dominates in off-exchange applications, especially in cross-border payments, while USDC's presence in these domains remains minimal.

最後，USDT仍然在非交換應用中占主導地位，尤其是在跨境支付中，而USDC在這些域中的存在仍然很少。

The stablecoin space could change quickly as new competitors emerge. Major financial institutions like PayPal, World Liberty Financial, Fidelity, Ripple, BlackRock, and Meta have entered the competition.

隨著新競爭對手的出現，Stablecoin空間可能會很快變化。貝寶（Paypal），世界自由金融（World Liberty Financial），富達（Fidelity），波紋，貝萊德（Blackrock）和梅塔（Meta）等主要金融機構參加了比賽。