The adoption of Stellar (XLM) and Shiba Inu (SHIB) has taken a step forward with their recent pairing against the stablecoin USD Coin (USDC) on the Bitget exchange. Bitget is a prominent platform in the cryptocurrency market, boasting a daily trading volume of $3.17 billion and total assets worth $5.9 billion, according to CoinMarketCap . This development highlights the growing role of USDC in diversifying stablecoin trading options on major exchanges.
In addition to both tokens, Bitget has also listed several other tokens against USDC, including Injective (INJ), Phala Network (PHA), and Render (RNDR). While the addition of these trading pairs reflects the rising appeal of these cryptocurrencies, it also underscores Bitget’s efforts to position USDC as a competitor to Tether (USDT) concerning trading dominance on its platform.
Bitget’s Strategy to Expand USDC Offerings
The USDC/USDT trading pair currently ranks 11th among all trading pairs on Bitget , with a trading volume of $32.43 million. This strategic move to introduce more USDC-based pairs suggests an effort to challenge USDT’s market dominance within the exchange. By aligning USDC with popular cryptocurrencies such as SHIB and XLM , Bitget focuses on retail investors and institutional participants who favor more established tokens with high trading demand.
Shiba Inu continues to attract significant attention due to its dedicated community of supporters. Stellar (XLM), on the other hand, has gained momentum in recent months, especially with its association with XRP in the cross-border payments ecosystem. These two cryptocurrencies bring unique strengths, with SHIB appealing to meme-coin enthusiasts and XLM offering solutions in financial technology and blockchain innovation.
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Position in the Stablecoin Market
Adding USDC pairs on Bitget reflects broader trends in the stablecoin market. Although USDT currently maintains a significant lead in market capitalization with an $80 billion advantage over USDC, the landscape has not always been this imbalanced. In previous years, USDC and USDT were more closely matched in market share. This recent development on Bitget could signal an emerging shift in liquidity preferences, as exchanges look to increase the visibility and usage of USDC.
Bitget’s decision to expand its USDC offerings could be interpreted as a vote of confidence in the stablecoin’s long-term viability. The move aligns with a growing trend among exchanges to challenge USDT’s dominance and offer traders more diverse and transparent options for stablecoin-backed transactions.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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