Glassnode knowledge analyzed by CryptoSlate revealed that Binance accrued 3.8 billion USD Coin (USDC) through the previous three weeks.
Binance’s USDC pool sits at 5.1 billion cash on the time of writing, marking a 292% improve over the previous three weeks.
USDC steadiness on Binance
The chart beneath represents the USDC steadiness held on the Binance trade with the blue line because the starting of 2020. In keeping with the info, Binance began shopping for in February 2021 and accrued a little bit over 2.4 billion USDC.
Binance maintained its USDC ranges till very lately, aside from a brief interval from September 2022 to January 2023, when the USDC reserves fell to beneath 800 million.
The chart demonstrates that the trade’s USDC reserves recorded a spike improve over the past three weeks. Throughout this era, the USDC steadiness of the trade elevated from 1.3 billion to five.1 billion, marking a 292% improve.
Binance held solely 500 million USDC in September 2022, which signifies that the present ranges mirror a 920% improve from the September ranges.
USDC steadiness on exchanges
Binance’s current actions are additionally seen on the chart beneath, which demonstrates the quantity of USDC held by exchanges. The turquoise space represents Binance’s USDC holdings, which marks the current 292% improve.
The chart above additionally displays the USDC quantities every trade holds. By visible comparability, it may be seen that Binance has been holding the biggest USDC pool since January 2021.
Why USDC?
Binance’s Binance USD (BUSD) reserves shrunk significantly on the finish of February after the Securities and Alternate Fee (SEC) issued a discover to halt BUSD minting on Feb. 13.
Binance’s CEO Changpeng Zhao (CZ) famous the change on Feb. 17 and stated the stablecoin panorama has been altering to be dominated by Tether (USDT). CZ said:
“BUSD market cap dropped -$2.45B (from 16.1B to 13.7B as of now), and most of it has moved to USDT.
USDT marketcap + 2.37B (From 67.8B to 70.1B)
USDC additionally declined -739M (from 42.3B to 41.5B)
Panorama is shifting.”
He was confirmed proper. In keeping with a CryptoSlate analysis from Mar. 3, USDT’s dominance over the stablecoin market exceeded 55%.
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