Circle的USDC显示出强劲增长的迹象

在2025年，USDC显示出数量和市场份额强劲增长的迹象。但是，它仍然落后于市场领导者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仍然是加密货币市场中的前两名。尽管两者都表现出令人印象深刻的表现，但专注于USDC揭示了有趣的趋势。

Can USDC Overtake USDT on Centralized Exchanges?

USDC可以超过集中式交流吗？

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.

根据Kaiko Research的最新报告，USDC在2025年4月以2190亿美元的价格达到了交易量的新记录。这一数字是2024年1月记录的1065亿美元的两倍以上。

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.

该报告强调了Binance的关键作用，占USDC全球交易量的57％以上，这要归功于2024年12月与Circle签署的战略协议。

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%.

结果，USDC在Binance方面的市场份额从去年年底的10％增加到了今天的近20％。相比之下，USDT对二手股的市场份额从2024年底的75％下降到约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.

两个主要因素解释了USDC的数量和份额的令人印象深刻的增长。首先，与Binance的合作关系使USDC访问了大型用户群。

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受益于对符合法规符合法规的Stablecoins的需求不断增长，尤其是在欧洲，那里的云母框架现已有效。

“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.”

“这项交易对于Binance来说也很高，Circle的预付款超过6000万美元，加上正在进行的激励措施，同时与Binance在欧洲的MICA规则下的合规性推动一致。”

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

在比较同期USDC和USDT之间的体积变化时，USDC脱颖而出。

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

自2024年11月以来，USDT的每月销量下降了49％。相反，USDC的数量增加了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.”

“尽管USDC在集中交流方面取得了动力，但Tether的USDT面临逆势。美国国际经销公司的USDT交易量急剧下降……反映了以USD计数的交易活动的更广泛的收缩。这一下降反映了持续的风险情绪，零售业的零售量，零售额较弱，遍布较弱的散发性，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.

尽管USDC增长了，但在赶上USDT之前，还有很长的路要走。截至2025年5月，USDT的市值为1520亿美元，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的市值为600亿美元，仅比其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，系绳报告说，2024年的未偿还利润为130亿美元，而Circle同年的1.55亿美元则归因于“来自利息资产的净收入”。

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

最后，USDT仍然在非交换应用中占主导地位，尤其是在跨境支付中，而USDC在这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.

随着新竞争对手的出现，Stablecoin空间可能会很快变化。贝宝（Paypal），世界自由金融（World Liberty Financial），富达（Fidelity），波纹，贝莱德（Blackrock）和梅塔（Meta）等主要金融机构参加了比赛。