Binance accumulates 3.8B USDC in three weeks News ▸ Binance ▸ USDC ▸ Stablecoins
Binance accumulates 3.8B USDC in three weeks
At the time of writing, Binance's current USDC balance sits at 5.1 billion.
2 min read
Updated: Jun. 23, 2023 at 10:43 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
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.
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.
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%.
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Author 
Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Tether
$1.00058
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Binance USD
$1.00077
BUSD is a stablecoin issued by Paxos in partnership with Binance..
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
