- CEO of the Coinbase exchange Brian Armstrong noted the shrinking USDC inventory under Binance’s control.
- He believes the platform has shifted liquidity to some other stablecoin.
- Despite this, according to Armstrong, USDC’s position in the market has only gotten stronger.
CEO of the Coinbase exchange Brian Armstrong said that Binance has moved some funds from USDC to “another stablecoin”. This was reported by Protos, citing a recording of a meeting of the firm’s management team.
In its piece, the publication claims that Binance has liquidated its entire stock of. Exactly which stablecoin the exchange has transferred liquidity into is not yet known.
Cointelegraph clarifies, it is only a portion of the capital involved. Both publications quote Coinbase’s CEO as saying that the asset’s capitalization has only increased with Binance’s exit:
“Given the information over the last six or seven weeks, I believe USDC’s performance has increased net of that. So it’s an important data point.”
Coinbase is one of the USDC issuers. The exchange also acts as a major holder of stablecoin.
As of this writing, the USDC has a capitalization of $26.15 billion, according to data from CoinMarketCap. The index has been steadily declining since the beginning of August 2023, but in the last 24 hours (07.08), the chart shows a rebound:
We previously reported that Binance has added FDUSD stablecoin currency pairs with zero fees. Against this backdrop, Tether’s CTO Paolo Ardoino claimed a “drawdown” of USDT, blaming it on a certain “competitor.”
In the meantime, USDT still hasn’t regained parity against the dollar. Read more about what is happening with this asset in our article: