Glassnode data analyzed by crypto slate Binance has revealed that it has amassed 3.8 billion USD Coin (USDC) in the last three weeks.
Binance’s USDC pool has reached 5.1 billion coins at the time of writing, a 292% increase over the past three weeks.
USDC Balance on Binance
The chart below shows USDC balances held on the Binance exchange since early 2020 as a blue line. According to the data, Binance started his February 2021 purchase at just over 2.4 billion USDC.
Binance has maintained USDC levels until very recently, when USDC reserves dipped below 800 million, except for a brief period from September 2022 to January 2023.
This chart shows that the exchange’s USDC reserves have surged over the past three weeks. During this period, his USDC balance on the exchange increased from his 1.3 billion to 5.1 billion, a 292% increase.
Binance only held 500 million USDC in September 2022. This represents a 920% increase in his current level from his September level.
Exchange USDC balance
Binance’s recent behavior can also be seen in the chart below showing how much USDC the exchange holds. The turquoise area represents Binance’s USDC holdings, showing a recent 292% increase.
The chart above also reflects the amount of USDC held by each exchange. A visual comparison reveals that Binance holds his USDC pool, which is the largest since January 2021.
Why USDC?
Binance’s Binance USD (BUSD) reserves shrunk significantly at the end of February after the Securities and Exchange Commission (SEC) issued a notice on February 13 to stop mining BUSD.
Binance CEO Changpeng Zhao (CZ) noted the shift on February 17, stating that the stablecoin landscape is changing to be dominated by Tether (USDT). CZ said:
“The BUSD market cap has decreased by $2.45 billion (from 16.1 billion today to 13.7 billion), most of which has moved to USDT.
USDT market cap +2.37 billion (from 6.78 billion to 7.01 billion)
USDC also decreased by -739 million (from 42.3 billion to 41.5 billion)
The landscape is changing. “
he was proven right.according to crypto slate According to analysis from March 3, USDT’s dominance in the stablecoin market exceeded 55%.
