Binance’s USDC Holdings Surge by 292% in Just 3 Weeks
According to Glassnode data, Binance has acquired approximately $3.8 billion worth of USDC in the past three weeks. Binance's USDC holdings stand at 5.1 billion, a 292% increase compared to three weeks ago.
Binance began purchasing USDC in February 2021 and has accumulated over 2.4 billion USDC to date. With the exception of a short period from September 2022 to January 2023, during which Binance’s USDC reserves fell below 800 million, the exchange has maintained its USDC levels until recently.
The chart below depicts Binance’s USDC balance since the beginning of 2020.
Over the last three weeks, Binance’s USDC holdings have experienced a significant increase, rising from 1.3 billion to 5.1 billion, which amounts to a 292% increase. In September 2022, Binance had only 500 million USDC, indicating that the current levels represent a 920% increase from the September levels.
Binance’s recent actions are also evident in the chart below, which shows the amount of USDC held by exchanges. The turquoise area depicts Binance’s USDC holdings and reflects the recent 292% increase. Since January 2021, Binance has had the largest USDC pool compared to other exchanges.
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The reason behind Binance’s acquisition of USDC is that the exchange’s BUSD reserves shrank significantly in February after the SEC issued a notice to stop BUSD minting on Feb. 13.
On Feb. 17, Binance’s CEO Changpeng Zhao (CZ) noted the change and highlighted that the stablecoin landscape was evolving to be dominated by Tether (USDT). From March 3, USDT now dominates over 55% of the stablecoin market.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
