- According to Lee’s report, Binance’s USDC grew by $1.5 billion during the last week.
- BUSD is now dangerously close to being pushed out of the top ten.
The quantity of USD Coin (USDC) held on Binance has been increasing this week, as reported by Martin Lee, a data journalist for Nansen. Lee said on Tuesday through Twitter, that it is interesting to watch the number of USDC on Binance climb so much after the BUSD event. According to Lee’s report, Binance’s USDC grew by $1.5 billion during the last week.
Moreover, he said that “given that you can’t trade using USDC” on Binance, he would have anticipated a greater growth in the supply of tether (USDT) than USDC. Binance stopped supporting USD Coin (USDC) trading pairs and converted all client balances on September 5, 2022, to BUSD. Once Binance delisted, the USD coin (USDC) and a few other stablecoins and set them to automatically convert to BUSD, Wazirx did the same thing two weeks later.
Total of $1.8B USDC
After Paxos announced it will no longer mint BUSD, the supply decreased from an estimated 3 billion on February 19 to an estimated 3.55 billion today. Unless its market value falls below DAI’s $5 billion, the Paxos-managed stablecoin will remain the third biggest stablecoin.
Once a notable top ten crypto asset by market capitalization, BUSD is now dangerously close to being pushed out of the top ten.
A Nansen analyst also pointed out that the $1.8 billion USDC held in Binance’s primary wallet is at an all-time high compared to the previous 90 days. Notably, Binance stores well over 100 million Tether (USDT) in the same wallet, but Nansen’s portfolio viewer only displays ERC20-based balances. 5.3 million DAI and 79.24 million TUSD are also stored in the Binance wallet.
Recommended For You:
