USDC-denominated spot trading pairs expanded rapidly from 140 to 329, with daily trading volumes rising to the range of $5 to $10 billion. The rollout of spot supply is quietly changing the liquidity structure of the order book.
As $BTC and USDC quotations for major tokens continue to widen in depth, monthly trading volume has surpassed the $80 billion threshold. The placement paths of market-making capital and institutional positions have since shifted accordingly. Diversifying the pricing dimensions not only reduces friction in converting funds among major assets, but also— to some extent— disperses the long-term monopoly of a single stablecoin pair over order book depth.
With USDT’s $140 billion scale and the inertia of global settlement still firmly rooted, and as USDC with a market cap of about $74 billion plays catch up, this expansion in trading pair dimensions looks more like a systematic penetration targeting the order-book depth of highly liquid assets. To judge the market’s ability to absorb subsequent price moves, the key is whether these newly added trading venues can maintain stable slippage control and capital retention during periods of extreme volatility.
As $BTC and USDC quotations for major tokens continue to widen in depth, monthly trading volume has surpassed the $80 billion threshold. The placement paths of market-making capital and institutional positions have since shifted accordingly. Diversifying the pricing dimensions not only reduces friction in converting funds among major assets, but also— to some extent— disperses the long-term monopoly of a single stablecoin pair over order book depth.
With USDT’s $140 billion scale and the inertia of global settlement still firmly rooted, and as USDC with a market cap of about $74 billion plays catch up, this expansion in trading pair dimensions looks more like a systematic penetration targeting the order-book depth of highly liquid assets. To judge the market’s ability to absorb subsequent price moves, the key is whether these newly added trading venues can maintain stable slippage control and capital retention during periods of extreme volatility.