Binance accumulates 3.8B USDC in three weeks

2023-3-7 00:26

Glassnode data analyzed by CryptoSlate revealed that Binance accumulated 3.8 billion USD Coin (USDC) during the past three weeks.

Binance’s USDC pool sits at 5.1 billion coins at the time of writing, marking a 292% increase over the past three weeks.

USDC balance on Binance

The chart below represents the USDC balance held on the Binance exchange with the blue line since the beginning of 2020. According to the data, Binance started buying in February 2021 and accumulated a little over 2.4 billion USDC.

USDC balance on Binance (Source: Glassnode)

Binance maintained its USDC levels until very recently, except for a short period from September 2022 to January 2023, when the USDC reserves fell to below 800 million.

The chart demonstrates that the exchange’s USDC reserves recorded a spike increase during the last three weeks. During this period, the USDC balance of the exchange increased from 1.3 billion to 5.1  billion, marking a 292% increase.

Binance held only 500 million USDC in September 2022, which indicates that the current levels reflect a 920% increase from the September levels.

USDC balance on exchanges

Binance’s recent actions are also visible on the chart below, which demonstrates the amount of USDC held by exchanges. The turquoise area represents Binance’s USDC holdings, which marks the recent 292% increase.

USDC balance on exchanges (Source: Glassnode)

The chart above also reflects the USDC amounts each exchange holds. By visual comparison, it can be seen that Binance has been holding the largest USDC pool since January 2021.

Why USDC?

Binance’s Binance USD (BUSD) reserves shrunk considerably at the end of February after the Securities and Exchange Commission (SEC) issued a notice to halt BUSD minting on Feb. 13.

Binance’s CEO  Changpeng Zhao (CZ) noted the change on Feb. 17 and said the stablecoin landscape has been changing to be dominated by Tether (USDT). CZ stated:

“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 also 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 over the stablecoin market exceeded 55%.

The post Binance accumulates 3.8B USDC in three weeks appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

USCoin (USDC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 USDC

weeks binance usdc three cryptoslate accumulates past

Источник: cryptoslate.com

weeks binance → Результатов: 126


Фото:

Binance Publishes Proof of Reserves System For BTC, More Assets to Follow

Today Binance released its first Merkel Tree Proof of Reserves (PoR) system as a show of its commitment towards transparency following the collapse of giant exchange FTX. However, in a statement, the exchange noted that it would first disclose BTC holdings before sharing details of other tokens and networks “in the next couple of weeks”. […]

2022-11-26 20:00


Фото:

Bitcoin price will ‘take a while to get back’ to $69K, Binance boss CZ says

Bitcoin continues to hover around $20,000 after recovering from the recent dump, where BTC price had tested levels below $18,000 in one of the market’s bloodiest weeks. According to Changpeng Zhao, founder and CEO of the world’s largest crypto exchange and trading platform, it’s likely Bitcoin will take some time before rebounding to the highs […] The post Bitcoin price will ‘take a while to get back’ to $69K, Binance boss CZ says appeared first on Invezz.

2022-6-24 20:00


Altura Joins The Knighthood Program: ALU Available in Multi-Farm

CryptoBlades Just now·2 min read CryptoBladers, we are excited to announce that Altura has joined the Knighthood program! Over the next two weeks, 180,000 ALU ($20,000) will be distributed to our players as rewards in the Binance Smart Chain Multi-Farm! This is the fifth token now available in the multifarm with more on the way! […] The post Altura Joins The Knighthood Program: ALU Available in Multi-Farm appeared first on NFT News Today.

2022-1-10 18:30


Bitcoin Volatility Plunging While OI on Binance Is Surging with GBTC Sellers Buying BTC

Trading around $34,500, Bitcoin’s price remains range-bound between $30k and $40k. The lack of any price action has volatility simply plunging to April levels. Amidst this low volatility, Bitcoin’s correlation with the S&P 500 has started to rise in recent weeks while the leading cryptocurrency’s correlation with commodities continues to fall.

2021-7-12 15:27


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Circle CEO sees stablecoins as linchpin for global trade

Circle CEO Jeremy Allaire said stablecoins are poised to become essential financial tools worldwide due to their potential to streamline cross-border trade and drive efficiencies in emerging markets, South China Morning Post reported.

Tether hits $7.7 billion in profit YTD as reserves reach record high

Tether Limited reported $2. 5 billion in net profit for the third quarter, bringing its year-to-date profits to a record-breaking $7. 7 billion. The firm’s strong third-quarter numbers were primarily boosted by its gold holdings, which amount to roughly $5 billion, recording $1.