Binance Increases USDC Holdings as BUSD Market Cap Slips Down –
Eight days ago, Paxos announced that the company stablecoin BUSD will no longer coin. Since then, the coinDie market capitalization of has declined as redemptions have become more important. Meanwhile, a data researcher from Nansen has discovered that Binance, the largest cryptocurrency exchange by trading volume, has increased its usd coin by $1.5 billion in the past seven days.
Nansen Researcher Discovers Binance Stacking Circle Stablecoin
According to Nansen’s data journalist Martin Lee, the amount of usd coin (USDC) held on Binance has been steadily increasing this week. “Interesting to see how the USDC amount on Binance has increased so much since the BUSD news,” Lee said tweeted on Tuesday. Lee went on to say that Binance has seen USDC surge by $1.5 billion over the past seven days.
He also noted that he expected the offer to Tether (USDT) would rise more on Binance than USDC “since you cannot trade USDC on Binance.” On September 5, 2022, Binance dropped usd coin (USDC) trading pairs and automatically converted client balances to BUSD. Two weeks later, Wazirx moved Binances and delisting usd coin (USDC) and a few other stablecoins to automatically convert balances to BUSD.
Reported on February 19 Bitcoin.com news that almost 3 billion BUSD has been withdrawn from the market and today that number is up to 3.55 billion since Paxos announced it would no longer mint BUSD. The stablecoin managed by Paxos is still the third largest stablecoin by market cap until it breaks below the market valuation of DAI of $5 billion falls. BUSD, which was once a prominent top ten crypto asset by market cap, is on the verge of being ousted from the top ten rankings.
The Nansen researcher too written down that there are 1.8 billion USDC in Binance’s main wallet today, and that is the highest level in 90 days. At the time of writing, 2:00 p.m. ET on February 21, 2023, $1.821 billion is in the Wallet by Binance. It is worth noting that the portfolio-Viewer from Nansen only looks at ERC20-based balances and Binance has just over 100 million tether (USDT) in the same wallet. Binance’s wallet also contains 79.24 million Trueusd (TUSD) and 5.34 million DAI.
What do you think of Binance stacking usd coin after regulators cracked down on BUSD? Do share your thoughts in the comment section below.
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Source: Crypto News Deutsch
