Glassnode data analyzed by CryptoSlate revealed that Binance accumulated 3.8 billion USD Coin (USDC) during the past three weeks.
Binance’s USDC pool sits at 5.1 billion coins at the time of writing, marking a 292% increase over the past three weeks.
USDC balance on Binance
The chart below represents the USDC balance held on the Binance exchange with the blue line since the beginning of 2020. According to the data, Binance started buying in February 2021 and accumulated a little over 2.4 billion USDC.
USDC balance on Binance (Source: Glassnode)
Binance maintained its USDC levels until very recently, except for a short period from September 2022 to January 2023, when the USDC reserves fell to below 800 million.
The chart demonstrates that the exchange’s USDC reserves recorded a spike increase during the last three weeks. During this period, the USDC balance of the exchange increased from 1.3 billion to 5.1 billion, marking a 292% increase.
Binance held only 500 million USDC in Sep
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