Binance accumulates 3.8B USDC in three weeks

2 years ago

Glassnode information analyzed by CryptoSlate revealed that Binance accumulated 3.8 cardinal USD Coin (USDC) during the past 3 weeks.

Binance’s USDC excavation sits astatine 5.1 cardinal coins astatine the clip of writing, marking a 292% summation implicit the past 3 weeks.

USDC equilibrium connected Binance

The illustration beneath represents the USDC equilibrium held connected the Binance speech with the bluish enactment since the opening of 2020. According to the data, Binance started buying successful February 2021 and accumulated a small implicit 2.4 cardinal USDC.

Binance maintained its USDC levels until precise recently, but for a abbreviated play from September 2022 to January 2023, erstwhile the USDC reserves fell to beneath 800 million.

The illustration demonstrates that the exchange’s USDC reserves recorded a spike summation during the past 3 weeks. During this period, the USDC equilibrium of the speech accrued from 1.3 cardinal to 5.1 billion, marking a 292% increase.

Binance held lone 500 cardinal USDC successful September 2022, which indicates that the existent levels bespeak a 920% summation from the September levels.

USDC equilibrium connected exchanges

Binance’s caller actions are besides disposable connected the illustration below, which demonstrates the magnitude of USDC held by exchanges. The turquoise country represents Binance’s USDC holdings, which marks the caller 292% increase.

The illustration supra besides reflects the USDC amounts each speech holds. By ocular comparison, it tin beryllium seen that Binance has been holding the largest USDC excavation since January 2021.

Why USDC?

Binance’s Binance USD (BUSD) reserves shrunk considerably astatine the extremity of February aft the Securities and Exchange Commission (SEC) issued a announcement to halt BUSD minting connected Feb. 13.

Binance’s CEO Changpeng Zhao (CZ) noted the alteration connected Feb. 17 and said the stablecoin scenery has been changing to beryllium dominated by Tether (USDT). CZ stated:

“BUSD marketplace headdress dropped -$2.45B (from 16.1B to 13.7B arsenic of now), and astir of it has moved to USDT.

USDT marketcap + 2.37B (From 67.8B to 70.1B)

USDC besides declined -739M (from 42.3B to 41.5B)

Landscape is shifting.”

He was proven right. According to a CryptoSlate analysis from Mar. 3, USDT’s dominance implicit the stablecoin marketplace exceeded 55%.

The station Binance accumulates 3.8B USDC successful 3 weeks appeared archetypal connected CryptoSlate.

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