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