When Coinbase merged USD and USDC books back in 2022, USDC was only ~5–6% of volume.

The integration barely moved total activity, which shows traders treated both as the same unit once liquidity was unified.

That matters for today’s stablecoin race. Distribution and rails matter more than ticker differences when execution is seamless.

For the market, liquidity consolidation tends to erase fragmentation. The asset that plugs into the deepest pools usually wins flow.
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