Popular cryptocurrencies like Stellar (XLM) and Shiba Inu (SHIB) just got a new leg up in their adoption, with listings against Circle's major stablecoin USDC on Bitget's platform. The exchange is considered one of the big players in the crypto space, with daily trading volume of $2.68 billion and total assets of $5.9 billion, according to CoinMarketCap.
Apart from these two cryptocurrencies, tokens such as Injective's INJ, Phala Network (PHA) and RENDER also got their shot with Bitget in the new listing wave. Perhaps the main point here is not that all these coins earned a listing against USDC, but rather that the second largest stablecoin got a boost in acceptance on this particular exchange against one of the most hyped cryptocurrencies right now.
Vladislav SopovThe USDC vs. USDT pair currently ranks 11th among all trading options on Bitget with $32.43 million, while such coins as VINE or SUNDOG, which can be considered as new risky meme coin plays, have more turnover there.
So, as it seems, the exchange's strategy is to dilute USDT's dominance on the platform with USDC trading options. If that is the case, the choice of which token to list is what one might call the established one.
SHIB is one of the biggest meme cryptocurrencies with a large army of supporters and enthusiasts. XLM is in the spotlight right now with the rise of XRP. Other coins also cover key segments of the crypto market, such as artificial intelligence and blockchain.
USDC gains ground
It will be interesting to see if Bitget will continue with these USDC-tied listings, and what this emerging trend tells us about the stablecoin arena right now. Let's not forget the regulatory status of Circle's stablecoin in the U.S.
Gamza KhanzadaevRight now, there is an $80 billion gap in the market cap of USDC and USDT, but one may remember that not too long ago they were almost on a par. Maybe we are about to see the renaissance of USDC, and exchanges want that liquidity.
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Arman Shirinyan
Alex Dovbnya
Dan Burgin
Vladislav Sopov