According to TechFlow, on May 6, Kaiko Research analyzed that the trading volume of USDC (USD Coin) exceeded 219 billion USD in March, more than doubling compared to January. This growth was mainly driven by a significant partnership with Binance. Meanwhile, the trading volume of USDT (Tether) on centralized exchanges saw a notable decline, nearly halving between November 2024 and April 2025.The analysis indicates that the decline in USDT trading volume reflects a reduced overall risk appetite in the cryptocurrency market, decreased participation from retail investors, and weakened speculative demand. Emerging stablecoins such as USDG launched by Paxos and yield-bearing stablecoins are gradually gaining attention in the market, signaling a changing competitive landscape in the stablecoin sector.

USDT

USDC

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According to TechFlow on May 6, Kaiko Research analyzed that USDC (USD Coin) trading volume exceeded 219 billion USD in March, more than doubling compared to January. This growth was mainly driven by key cooperation with Binance. Meanwhile, USDT (Tether) trading volume on centralized exchanges saw a significant decline, nearly halving from November 2024 to April 2025.
Analysis indicates that the decline in USDT trading volume reflects a reduced overall risk appetite in the cryptocurrency market, decreased retail investor participation, and weakened speculative demand. Emerging stablecoins such as USDG by Paxos and yield-bearing stablecoins are gradually gaining attention in the market, indicating a changing competitive landscape in the stablecoin market.
<img src="https://static.sosovalue.com/sosovalue/2025/05/06/993f1ac0-6feb-4df5-a162-1e905ba3e7c2.png">
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Kaiko Analysis: USDC Trading Volume Hits Record High, USDT Market Share Declines