$USDC The weirdest thing about this order book is that it barely moves, yet the spot market is incredibly busy—while the futures market is as quiet as if it’s not fully awake.
In the past 24 hours, spot trading volume is $1.858 billion, but futures are only $2.02 million. The futures-to-spot ratio is almost negligible.
Honestly, this contrast is more interesting than the price move itself.
Because right now,
$USDC is still trading at $1.0005, with 24-hour volatility so low it’s basically like a straight line. People who try to trade direction probably wouldn’t even feel motivated.
But the more like this, the more it suggests it’s being “used,” not “traded/speculated on.”
It lines up with what the news is saying.
In the stablecoin trading volume distribution after adjustments in the first half of the year,
$USDC accounts for about 70%, while $USDT is only 25%.
When I saw this number, my mind didn’t immediately go to “who won”—it went to “which route the money prefers to take right now.”
Visa’s reporting standards would naturally filter out a lot of non-productive churn data, so getting this kind of share is totally different from before.
During the day I’m drawing and the demand makes me want to cry; at night when I get home, my little bean just plops onto my keyboard. I’m switching between it and watching this data—and really, it makes me feel like the market is quietly changing its preference.
In the past, many people treated stablecoins merely as parking spots.
Now real scenarios like banking, payments, and settlement are slowly getting closer. What everyone cares about more is compliance, clarity, and ease of integration—rather than who’s shouting the loudest.
So my view on this news is: I’m a bit more bullish on the
$USDC narrative, and a bit more cautious about the $USDT share story.
That doesn’t mean there will be some drama in tomorrow’s price—stablecoins were never really about that.
What I’m looking at is: in the future, where will funds and institutions be more willing to place their “trust.”
These changes are usually very slow. But once they actually take shape, looking back you’ll realize it was already written into the data.
I might be wrong, of course—about my own judgment. $USDT
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