Circle · Tether · Wall Street · CoinDesk
Binance agreement gives Circle a boost in stablecoin race with Tether, analysts say
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Circle’s expanded deal with Binance could give USDC USDC $0.9998 more traction in emerging markets and global trading, analysts said, while putting some additional pressure on Tether’s long-held lead in the dollar-denominated stablecoin race.
Key facts
- Monthly USDC trading volume on Binance has also roughly doubled, rising from the $20 billion-$40 billion range before the partnership to consistently above $80 billion
- Throughout 2026, Binance has consistently captured the largest share of USDC spot trading activity, processing $5 million-$10 billion in daily volume, roughly 10-20 times more than most other
- USDC has a market capitalization of about $74 billion, making it the second-largest U.S. dollar stablecoin behind Tether’s roughly $140 billion USDT
- Binance invested $100 million in Circle CRCL $87.37
- Market Closed shares and signed a new five-year commercial agreement to promote and integrate USDC across its platform
Summary
Binance's $100 million stake and tie-up gives Circle a powerful distribution channel in markets where USDT is deeply entrenched, analysts said. USDC trading on Binance has already surged since the companies first partnered in 2024, Kaiko data shows. Tether still benefits from deeper local liquidity and long-standing user habits, limiting how quickly market share could shift, CEO of market maker Gravity Labs noted. Binance invested $100 million in Circle CRCL $87.37 · Market Closed shares and signed a new five-year commercial agreement to promote and integrate USDC across its platform.