Analyst: New agreement with Binance will boost USDC growth, but USDT's liquidity advantage is difficult to shake in the short term.

BlockBeats news, September 26: Binance invested $100 million to purchase Circle stock and signed a 5-year commercial agreement to further promote and integrate USDC within its platform. Analysts believe the partnership allows Binance to directly share in Circle's growth gains while providing USDC with an important distribution channel covering global trading and emerging markets.

Data shows that when Binance and Circle first partnered in December 2024, the platform had 140 USDC-denominated spot trading markets, which has now increased to 329. Monthly USDC trading volume on Binance also rose from a range of $20 billion to $40 billion before the partnership to consistently exceeding $80 billion. Since 2026, Binance has processed $5 billion to $10 billion in daily USDC spot trading volume, roughly 10 to 20 times that of most other trading platforms.

USDC currently has a market capitalization of approximately $74 billion, still below USDT's approximately $140 billion. Martins Benkitis, co-founder of Gravity Team, said both parties have clear incentives to leverage Binance's users and infrastructure to expand USDC's scale, which will put more pressure on USDT's position in global trading and emerging markets. However, distribution alone cannot quickly change the market landscape, as USDT already has deep trading pairs, local liquidity, and long-established user habits.