{"id":17926,"date":"2023-02-21T21:41:39","date_gmt":"2023-02-21T21:41:39","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/binance-increases-usdc-holdings-as-busds-market-cap-slides-lower-bitcoin-news\/"},"modified":"2023-02-21T21:41:39","modified_gmt":"2023-02-21T21:41:39","slug":"binance-increases-usdc-holdings-as-busds-market-cap-slides-lower-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/binance-increases-usdc-holdings-as-busds-market-cap-slides-lower-bitcoin-news\/","title":{"rendered":"Binance Increases USDC Holdings as BUSD’s Market Cap Slides Lower \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Eight days ago, Paxos announced that the company would no longer mint the stablecoin BUSD. Since then, the coin\u2019s market capitalization has been sliding lower as redemptions have become more prominent. Meanwhile, a data researcher from Nansen has discovered that Binance, the largest cryptocurrency exchange by trade volume, has increased its usd coin holdings by $1.5 billion over the last seven days.<\/strong><\/p>\n

Nansen Researcher Discovers Binance Stacking Circle\u2019s Stablecoin<\/h2>\n

According to Nansen\u2019s data journalist Martin Lee, the amount of usd coin (USDC) held on Binance has been steadily climbing this week. \u201cInteresting to see the amount of USDC on Binance increase so much since the BUSD news,\u201d Lee tweeted<\/a> on Tuesday. Lee further detailed that Binance saw a $1.5 billion increase in USDC in the last seven days.<\/p>\n

He also noted that he would have expected the supply of tether (USDT<\/a>) to increase on Binance more than USDC, \u201cgiven that you can\u2019t trade using USDC\u201d on Binance. On Sept. 5, 2022, Binance dropped<\/a> usd coin (USDC) trading pairs and auto-converted customer balances to BUSD. Two weeks later, Wazirx followed Binance\u2019s move, delisting usd coin<\/a> (USDC) and a couple of other stablecoins to auto-convert balances to BUSD.<\/p>\n

\"Binance<\/p>\n

On Feb. 19, Bitcoin.com News reported<\/a> that close to 3 billion BUSD had been removed from the market, and today, that number is up to 3.55 billion<\/a> since Paxos revealed<\/a> it would no longer mint BUSD. The Paxos-managed stablecoin is still the third-largest stablecoin by market capitalization until it drops below DAI\u2019s market valuation of $5 billion. BUSD, which was once a prominent top-ten crypto asset by market capitalization, is getting awfully close to being knocked out of the top ten standings.<\/p>\n

The Nansen researcher also noted<\/a> that there\u2019s $1.8 billion USDC in Binance\u2019s main wallet today, and it\u2019s the highest it has been in 90 days. At the time of writing, 2:00 p.m. (ET) on Feb. 21, 2023, there\u2019s $1.821 billion USDC<\/a> held in Binance\u2019s wallet. It\u2019s worth noting that Nansen\u2019s portfolio viewer only looks at ERC20-based balances, and Binance has just over 100 million Tether (USDT<\/a>) in the same wallet. The Binance wallet also holds 79.24 million trueusd (TUSD) and 5.34 million DAI.<\/p>\n

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\nTags in this story
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Auto-Conversion<\/a>, Balances<\/a>, Binance<\/a>, Binance USDC<\/a>, Blockchain<\/a>, BUSD<\/a>, Crypto asset<\/a>, Cryptocurrency<\/a>, DAI<\/a>, Digital Assets<\/a>, Digital Tokens<\/a>, digital wallets<\/a>, ERC20<\/a>, Finance<\/a>, Fintech<\/a>, holdings<\/a>, Market Cap<\/a>, Market Capitalization<\/a>, market fluctuations<\/a>, Market Trends<\/a>, Nansen<\/a>, Paxos<\/a>, portfolio viewer<\/a>, redemptions<\/a>, Stablecoin<\/a>, Top Ten<\/a>, trade volume<\/a>, tusd<\/a>, USDC<\/a>, USDT<\/a>, Virtual Currency<\/a>, Wazirx<\/a><\/div>\n<\/div>\n

What do you think about Binance stacking usd coin following regulators cracking down on BUSD? Share your thoughts in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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