Bitget Boosts USDC: Stellar, Shiba Inu Join USD Coin Pairs

The cryptocurrency market has witnessed a significant development with the recent pairing of Stellar (XLM) and Shiba Inu (SHIB) against the stablecoin USD Coin (USDC) on the Bitget exchange. Bitget, a prominent platform in the cryptocurrency market, boasts a daily trading volume of $3.17 billion and total assets worth $5.9 billion. This move highlights the growing role of USDC in diversifying stablecoin trading options on major exchanges.

In addition to XLM and SHIB, Bitget has also listed several other tokens against USDC, including Injective (INJ), Phala Network (PHA), and Render (RNDR). This strategic move suggests an effort to challenge USDT's market dominance on the platform by introducing more USDC-based pairs. The USDC/USDT trading pair currently ranks 11th on Bitget, with a trading volume of $32.43 million.

Shiba Inu continues to attract significant attention due to its dedicated community of supporters, while Stellar (XLM) has gained momentum in recent months, especially with its association with XRP in the cross-border payments ecosystem. These two cryptocurrencies bring unique strengths to the table, with SHIB appealing to meme-coin enthusiasts and XLM offering solutions in financial technology and blockchain innovation.

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.