Binance Increases USDC Holdings as BUSD’s Market Cap Slides Lower – The number of USD Coin (USDC) held on Binance has been steadily increasing this week, according to Nansen’s data journalist Martin Lee. “Interesting to see the amount of USDC on Binance rise so much since the BUSD news,” Lee tweeted on Tuesday. In the last seven days, Binance saw a $1.5 billion spike in USDC, according to Lee.
He also stated that tether (USDT) supply on Binance should have increased more than USDC supply, “given that you can’t trade using USDC” on Binance. Binance stopped USD currency (USDC) trading pairs and automatically changed user balances to BUSD on September 5, 2022. Wazirx followed Binance’s lead two weeks later, delisting USD currency and a number of other stablecoins to auto-convert holdings to BUSD.
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On February 19, it was reported that nearly 3 billion BUSD had been taken from the market, and that amount has since risen to 3.55 billion when Paxos announced that it would no longer mint BUSD. Unless it falls below DAI’s market worth of $5 billion, the Paxos-managed stablecoin remains the third-largest stablecoin by market capitalization.
BUSD, which was previously a notable top-ten crypto asset by market capitalization, is on the verge of falling out of the top ten. The Nansen researcher also mentioned that there is $1.8 billion USDC in Binance’s main wallet, which is the highest in 90 days.
At the time, there’s $1.821 billion USDC held in Binance’s wallet. It’s worth mentioning that Nansen’s portfolio viewer only displays ERC20-based balances, although Binance has slightly more than 100 million Tether (USDT) in the same wallet. In addition, the Binance wallet contains 79.24 million TUSD and 5.34 million DAI.
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