Catenaa, Friday, September 05, 2025- Trading activity on USD-supported cryptocurrency exchanges rose last month, driven by renewed participation from US users, according to industry data.
Combined trading volumes reached $279 billion across platforms offering direct USD pairs and USD stablecoin trading such as USDT and USDC.
Crypto.com, Coinbase, and Kraken maintained their leadership in the USD-backed exchange market, while smaller platforms also saw increased activity.
Despite US traders facing regulatory limitations, they continue to account for more than 10% of global crypto exchange volume, reflecting their significant influence.
Recent clarifications from the Commodity Futures Trading Commission regarding offshore exchange regulations have introduced market uncertainty, suggesting that American traders could regain access to platforms like Binance.
Currently, offshore exchanges including Binance and Bybit process a combined $850 billion in monthly volume but remain mostly inaccessible to US users.
Market reactions highlight the dominance of major offshore exchanges. HYPE (Hyperliquid) token prices fell amid speculation that renewed US access to Binance could reduce decentralized exchange adoption.
Analysts noted that Binance’s influence extends deeply into regions where it is not operational, and any future US market re-entry could disrupt the current exchange hierarchy.
The trend underscores the growing importance of US participation in the global crypto market, particularly for USD-backed exchanges. Investors and analysts are watching regulatory developments closely, as potential changes could reshape trading dynamics and platform preferences in the coming months.
