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USDC Outpaces Rivals.

USDC

Stablecoin

Written by The Kaiko Research Team

05/05/2025

    Welcome to the Data Debrief!

    Welcome back to the Data Debrief! Bitcoin held near $95K on Monday as markets brace for this week’s Fed meeting. Last week’s U.S. data showed the economy losing steam despite solid job growth—Q1 GDP contracted as importers raced to stockpile goods ahead of tariffs, while consumer sentiment continued to slide. Meanwhile, Tether posted$1B in Q1 profits, and Arizona’s governor vetoed a bill that would have let the state hold Bitcoin.

    • USDC’s surge amid stablecoin market shifts.

    • Coinbase’s rise to the top among U.S. exchanges.

    • Accelerating inflows into BTC ETFs.

    Trend of the Week

    USDC outpaces Rivals.

    USDC has hit back-to-back volume records, reaching $219 billion last month—more than double since January—driven by a major partnership with Binance. Meanwhile, new rivals like Paxos’ USDG and yield-bearing stablecoins are gaining traction, and regulatory shifts are on the horizon as Europe’s MiCA rules take effect.

    Coinbase on the top.

    Coinbase has overtaken Crypto.com to become the leading U.S. exchange by market share, now reaching 30%. Bullish is also rapidly gaining ground, especially in Bitcoin trading, with its share rising notably since November. Meanwhile, smaller exchanges like Gemini are starting to see increased activity and growth.

    BTC ETF Inflows boom.

    Inflows into BlackRock’s BTC ETF (IBIT) surged as Bitcoin approached $100K, with the fund now holding over 3% of all BTC. In contrast, Ether ETFs continue to lag, reflecting a persistent gap in investor interest and price momentum.

    EUR Stablecoins on the Rise.

    EUR-backed stablecoins have grown 12x in daily volume since Q1 2024, but still represent less than 0.5% of the market. Regulators are watching closely, with the ECB considering tighter oversight amid financial stability concerns.

    Chart of the Week

    USDC Outpaces Rivals.

    USDC has defied the overall slowdown in crypto trading, setting new volume records and gaining ground on exchanges worldwide—thanks largely to Binance’s support. While USDC is gaining momentum on centralized exchanges, Tether’s USDT is facing headwinds. USDT trading volumes on CEXs have dropped sharply—nearly halving between November 2024 and April 2025—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.

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    Data Used In This Analysis

    Our industry-leading research is the direct result of combining our proprietary data with world-class in-house experts. Bringing the very best of Kaiko’s people and data together, we unlock the unique insights that form the basis for our discoveries and analysis. We believe in doing so, our data speaks for itself, helping both our clients and the wider industry get a better understanding of the crypto ecosystem, and the evolving trends and patterns in motion at a regional and global scale.

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