Data from Kaiko shows that Binance needed about three years to expand from 39 USDC-quoted spot markets in 2021 to 140 by late 2024. Since the exchange teamed up with Circle, that figure has more than doubled, reaching 329.
Analysts say this track record is why the new, bigger agreement between Binance and Circle is significant. In their view, it could help USDC gain ground in global trading and emerging markets, while adding some pressure to the long-standing lead Tether holds among dollar-denominated stablecoins.
Under the deal, Binance put $100 million into Circle shares and signed a new five-year commercial agreement to promote USDC and integrate it across its platform. That gives Binance a direct stake in Circle’s growth. In return, Circle gets broader distribution through one of the world's largest crypto exchanges.
Circle is copying the Coinbase model
People who have followed Circle will recognize the setup. Coinbase already distributes USDC and shares in its economics, and the Binance arrangement uses the same template.
“This optimizes the relationship and further aligns Binance’s interests with Circle’s, echoing Circle-Coinbase’s distributor-shareholder model,” said Owen Lau, an analyst at Clear Street.
Lau added that the Binance agreement gives Circle no additional leverage over Coinbase. He noted that Circle recently renewed its Coinbase partnership, which weakens the idea that Circle is setting one exchange against the other.
The first deal already moved the numbers
There’s no need to speculate about what a closer relationship might achieve. The first partnership, announced in December 2024, has already changed Binance’s order books.
USDC’s monthly trading volume on Binance has roughly doubled. It ranged from $20 billion to $40 billion before the partnership and now regularly tops $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 trading venues, which typically stay below $0.5 billion,” said Anastasia Melachrinos, head of research at Kaiko.
The more revealing detail is what happened on other platforms. Kaiko says other major exchanges have largely stayed within their earlier USDC trading ranges. That points to Binance itself, rather than a wider jump in demand, as the source of much of the growth.
“As Binance accelerates USDC’s reach in emerging markets, that dominance is likely to grow even further,” Melachrinos said.
Tether still has twice the float
The overall standings won’t change overnight. With a market capitalization of about $74 billion, USDC is the second-largest U.S. dollar stablecoin. Tether's USDT sits at roughly $140 billion.
“There is a clear incentive on both sides to grow USDC through Binance’s user base and infrastructure,” said Martins Benkitis, co-founder and CEO of Gravity Team.
Benkitis was also frank about the limits. Binance can put USDC in front of a larger audience, he said, but Tether has spent years building a trading and payment network that won’t lose market share quickly.
“That puts more pressure on USDT, particularly in global trading and emerging markets, where it has built a very strong position over many years,” Benkitis said. “But distribution alone won’t change that overnight. USDT has deep trading pairs, local liquidity and, importantly, people are already used to using it.”
That final point is the toughest one for Circle to solve. Habits are hard to change, and a new listing won’t change them.
Circle’s bet goes beyond the exchange
Binance isn’t Circle’s only strategy. The Circle Payments Network is built to link financial institutions for stablecoin payments. The company also recently announced a $400 million deal to buy Singapore-based Tazapay, which would bring local banking relationships and payment rails across emerging markets.
Benkitis identified that same territory as USDT’s strongest, so Circle is plainly trying to take on Tether where Tether is most established.
The contest also involves more than two companies now. Banks and payment firms, including Visa, Mastercard and Stripe, have been expanding further into stablecoin payments and infrastructure.
For anyone judging whether the Binance deal changes the race, the $100 million headline figure isn’t the number to watch. The gap between $74 billion and $140 billion is. The first partnership doubled USDC volume on a single exchange while barely moving it on others. Circle needs that effect to reach local payment corridors, where Tether’s users already know what they’re doing.