Binance Bridged USDC (BNB Smart Chain)
$0.9997
Skor STRICT
Potensi Maks
1x
Potensi return
Probabilitas
0%
Peluang sukses
Tingkat Risiko
3/10
Risiko Rendah
Kapitalisasi Pasar
$1.29B
Volume
$116.53M
Rincian Skor STRICT
Sistem penilaian eksklusif kami mengevaluasi proyek di 6 dimensi utama.
Gambaran Analisis
Gambaran Analisis
Binance-Peg USDC is a BEP-20 version of Circle's USDC stablecoin, bridged to BNB Smart Chain (BSC) by Binance. As of December 18, 2025, the token maintains a circulating supply of 1.29 billion USDC with a market cap of $1.29 billion (rank #79), trading at $0.999769 with 3.02 million holders on-chain. Each token is backed 1:1 by native USDC custodied by Binance, which itself is backed by Circle's reserves (USDC global market cap reached $77.97 billion in December 2025 with 24.3% stablecoin market dominance). Circle maintains reserves primarily in the Circle Reserve Fund (USDXX), an SEC-registered 2a-7 government money market fund with $12.8 billion in assets, holding approximately 20% cash and 80% short-duration U.S. Treasuries with custody at The Bank of New York Mellon and management by BlackRock. Circle went public via NYSE IPO on June 4, 2025 at $6.7 billion valuation. The bridged version generates $209.46 million in daily trading volume (December 18, 2025, up 17.5% from prior day), with PancakeSwap Infinity CLMM handling $55.67 million in the BSC-USD/USDC pair. BSC transaction fees dropped to $0.005 per transaction (0.05 Gwei as of October 2025, down 98.33% from 3 Gwei in April 2024) with 0.75-second block times and 1.875-second finality, compared to Ethereum's $1.17 average fees. BSC processes 12-17 million daily transactions in Q4 2025 (up from 13.3 million average in Q3, +35.3% QoQ), operating at under one-third of its 36 million daily transaction capacity, with peak capacity of 100 million daily transactions at full load. The stablecoin market reached $300 billion in total supply during Q3 2025 with the strongest quarterly growth on record (+18% QoQ), with USDT dominating at $180 billion and USDC at $77.97 billion globally. On December 18, 2025, United Stables launched the $U stablecoin on BSC (officially endorsed by BNB Chain), introducing competitive pressure with unified liquidity management across USDC, USDT, and USD1 reserves, day-one PancakeSwap integration, and native support in Binance Wallet, SafePal, and Trust Wallet.
Tesis Investasi
Binance-Peg USDC serves as critical liquidity infrastructure for BSC's DeFi ecosystem, with BSC stablecoins totaling over $15 billion in circulating supply (up 32.3% quarter-over-quarter in Q3 2025). BSC offers dramatically lower transaction costs than Ethereum mainnet, with fees dropping to $0.005 per transaction as of October 2025 (0.05 Gwei, down 98.33% from 3 Gwei in April 2024), representing a 234x cost advantage over Ethereum's $1.17 average fees. BSC processes 12-17 million daily transactions in Q4 2025 (average 13.3 million in Q3, +35.3% QoQ) while operating at under one-third of its 36 million daily transaction capacity, with 0.75-second block times and 1.875-second finality. The $209.46 million daily trading volume demonstrates strong product-market fit for yield farming, DEX trading, and cross-chain DeFi operations. Circle maintains transparent reserves primarily in the Circle Reserve Fund (USDXX), an SEC-registered 2a-7 government money market fund with $12.8 billion in assets (20% cash, 80% short-duration U.S. Treasuries) held at The Bank of New York Mellon and managed by BlackRock, with monthly attestations by Big Four accounting firms. USDC achieved $77.97 billion global market cap in December 2025 with 24.3% stablecoin market dominance, growing from $56 billion in February 2025 and recovering fully from the 2023 banking crisis. Circle completed its NYSE IPO on June 4, 2025 at $6.7 billion valuation, further strengthening institutional credibility. However, the dual-custody model introduces compounded centralization risk - users depend on both Binance's bridge security and Circle's regulatory compliance. The December 18, 2025 launch of United Stables' "$U" stablecoin on BSC (officially endorsed by BNB Chain), designed for large-scale scenarios with unified liquidity management across payments, trading, and dApps, introduces direct competitive pressure that may fragment existing USDC market share on BSC. $U unifies major stablecoins (USDC, USDT, USD1) into a single liquidity layer with day-one integration into PancakeSwap, Aster, Four.meme, and ListaDAO, plus native support in Binance Wallet, SafePal, and Trust Wallet. For active BSC DeFi participants needing cost-effective stablecoin operations, Binance-Peg USDC remains functionally viable with its 234x fee advantage over Ethereum, though the evolving competitive landscape with $U stablecoin warrants monitoring.
Posisi Kompetitif
Binance-Peg USDC ranks #79 by market cap globally with $1.29 billion circulation on BSC as of December 18, 2025 (3.02 million holders). The broader stablecoin market reached $300 billion in total supply during Q3 2025 with record +18% quarterly growth, with USDT dominating at $180 billion market cap and USDC at $77.97 billion globally. BSC stablecoins total over $15 billion in circulating supply, up 32.3% quarter-over-quarter in Q3 2025. Circle's competitive advantage lies in regulatory compliance with reserves held in the SEC-registered Circle Reserve Fund (USDXX) managed by BlackRock ($12.8B in assets: 20% cash, 80% short-duration U.S. Treasuries) with custody at The Bank of New York Mellon and monthly Big Four accounting firm attestations. USDC achieved $77.97 billion global market cap in December 2025 with 24.3% stablecoin market dominance, growing from $56 billion in February 2025 and recovering fully from the 2023 banking crisis. Circle's June 4, 2025 NYSE IPO at $6.7 billion valuation further strengthened institutional credibility. The December 18, 2025 launch of United Stables' "$U" stablecoin (officially endorsed by BNB Chain) introduces a formidable new competitor specifically designed for large-scale scenarios, unified liquidity management, and cross-protocol aggregation. $U is backed 1:1 by cash and major stablecoins (USDC, USDT, USD1) with instant on-chain Proof-of-Reserve and quarterly audits, unifying multiple stablecoins into a single liquidity layer. With day-one integration into PancakeSwap, Aster, Four.meme, and ListaDAO, plus native support in Binance Wallet, SafePal, and Trust Wallet, and listing on HTX exchange, $U launches with comprehensive DeFi ecosystem adoption. Sarah S (BNB Chain Head of Business Development) officially welcomed $U, stating it would strengthen liquidity and power AI-native payments. Binance-Peg USDC faces material competitive pressure in its primary market from this unified liquidity approach. However, BSC processes 12-17 million daily transactions in Q4 2025 (13.3M avg in Q3, +35.3% QoQ) with transaction fees at $0.005 (234x cheaper than Ethereum's $1.17) and 0.75-second block times, demonstrating continued strong demand for cost-effective stablecoin operations.
Kesimpulan
Binance-Peg USDC provides cost-effective access to Circle's regulated stablecoin within BSC's DeFi ecosystem (over $15B in BSC stablecoins, up 32.3% QoQ in Q3 2025), with transaction fees 234x lower than Ethereum mainnet ($0.005 vs $1.17 average following October 2025's 98.33% fee reduction). BSC processes 12-17 million daily transactions in Q4 2025 (13.3M avg in Q3, +35.3% QoQ) with 0.75-second block times and 1.875-second finality. The $209.46 million daily volume demonstrates strong product-market fit for BSC-native DeFi operations. Circle's institutional credibility strengthened in 2025 with USDC achieving $77.97 billion global market cap and 24.3% stablecoin market dominance, growing from $56 billion in February 2025 and recovering fully from the 2023 banking crisis. Circle completed its NYSE IPO on June 4, 2025 at $6.7 billion valuation, with reserves held in the SEC-registered Circle Reserve Fund (USDXX) managed by BlackRock ($12.8B in assets) and monthly Big Four attestations. However, the dual-custody model introduces layered centralization risk - users depend on both Binance's bridge security and Circle's regulatory compliance. Binance-Peg USDC faces material competitive headwinds from the December 18, 2025 launch of United Stables' "$U" stablecoin (officially endorsed by BNB Chain), purpose-built for unified liquidity management across USDC, USDT, and USD1 reserves with day-one PancakeSwap integration, native Binance Wallet support, and HTX exchange listing. For active DeFi participation on BSC (yield farming, DEX trading, short-term operations), the 234x fee advantage justifies tactical usage. For long-term holdings or institutional use cases, monitoring $U stablecoin adoption and considering native USDC on other chains may prove preferable. The competitive landscape on BSC is evolving rapidly with the $U launch today, warranting periodic reassessment of stablecoin choices.
Kekuatan
- Backed 1:1 by Circle's USDC reserves ($77.97B global market cap, December 2025) held at BNY Mellon and managed by BlackRock
- Circle Reserve Fund (USDXX) holds $12.8B in SEC-registered assets: 20% cash, 80% U.S. Treasuries with monthly Big Four attestations
- Circle completed NYSE IPO on June 4, 2025 at $6.7 billion valuation, strengthening institutional credibility
- $209.46 million daily trading volume with 3.02 million on-chain holders (December 2025)
- BSC fees at $0.005 per transaction (234x cheaper than Ethereum's $1.17), dropped 98.33% since April 2024
- BSC processes 12-17M daily transactions in Q4 2025 with 0.75-second blocks and 1.875-second finality
- BSC operates at under one-third capacity (36M daily max, 100M peak), providing scalability headroom
- BSC stablecoins total over $15B circulating supply, up 32.3% QoQ in Q3 2025
- USDC achieved 24.3% stablecoin market dominance, growing from $56B to $77.97B since Feb 2025
- PancakeSwap Infinity CLMM handles $55.67M daily volume in BSC-USD/USDC pair
Risiko
- Centralized dual-custody model: Binance controls BSC bridge, Circle controls underlying USDC with blacklist authority
- USDT dominates stablecoin market with $180B market cap vs USDC $77.97B globally (December 2025)
- United Stables' "$U" stablecoin launched Dec 18, 2025 (endorsed by BNB Chain) with day-one PancakeSwap/wallet integration
- $U unifies USDC, USDT, USD1 into single liquidity layer with gasless transactions, potentially fragmenting USDC market share
- BSC centralized PoSA validator model with Nakamoto coefficient of 7 prioritizes efficiency over decentralization
- Smart contract risk from bridge infrastructure creates single point of failure vs native USDC on other chains
- Regulatory uncertainty around Binance operations across multiple jurisdictions
- Bridge reliance on Binance security infrastructure with no decentralized fallback
Skor STRICT
Skor: 72/100 | Potensi Naik: 1x
Terkait di sektor yang sama - Stablecoin
Lihat Semua
Disclaimer: Analisis ini hanya untuk tujuan informasi dan tidak boleh dianggap sebagai nasihat keuangan. Selalu lakukan riset sendiri sebelum membuat keputusan investasi. Investasi cryptocurrency volatil dan membawa risiko signifikan.