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Interest in the market can still be gauged by measuring the largest trading pairs between the world’s sovereign currencies and largest stablecoins. If, for example, one of the top fiat trading pairs for Tether — the world’s largest dollar-pegged token — is the Singaporean dollar, it would be fair to deduce that traders from the city state represent one of the stablecoin’s most popular markets.
But, according to numbers provided by industry data platform CCData, the top five trading pairs for Tether’s USDT token are the US dollar and the euro, followed by the Turkish lira, Thai baht and the British pound.
Whether Binance is able to maintain its market share as a cryptocurrency exchange will determine the direction of Zhao’s fortune. Binance facilitated 32% of spot trades and 50% of derivatives trades in October, according to a report from CCData – though its share in spot markets has declined for eight consecutive months, per the report.
Binance has been losing market share for months—recording the biggest drop in market share for derivatives, its bread and butter, among any major exchange last month, according to analytics group CCData—and that could continue.
About $800 million worth of Bitcoin, Ether, and the USDT and USDC stablecoins were withdrawn from the crypto exchange after news of the agreement initially broke on Tuesday, according to digital asset data and index provider CCData. The outflows can be explained in part by investors concerned about impending regulatory requirements Binance will be subject to per its agreement with prosecutors, or from institutional investors moving money elsewhere to save face, said CCData research lead Josh de Vos.
Binance, which exploded onto the crypto scene in 2017 and almost immediately took on and surpassed larger rivals, saw its market share surge to more than 60% worldwide after the fall of FTX in November 2022. Since then, its combined market share for spot crypto and derivatives has declined to less than 44% this month, according to researcher CCData.
Binance, which exploded onto the crypto scene in 2017 and almost immediately took on and surpassed larger rivals, saw its market share surge to more than 60% worldwide after the fall of FTX in November 2022. Since then, its combined market share for spot crypto and derivatives has declined to less than 44% this month, according to researcher CCData.
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