In a startling revelation during Coinbase’s Q2 earnings call, CEO Brian Armstrong revealed that Binance, the world’s leading cryptocurrency exchange, has liquidated its entire holdings of the stablecoin USDC. This unexpected disclosure comes as a surprise, prompting a flurry of speculation and analysis about Binance’s motivations and the potential implications for the stablecoin market.
“USDC market cap is up after Binance pulled out,” Armstrong reportedly stuttered during Coinbase’s earnings call. “The unexpected answer seemed to imply that crypto exchange Binance was a holder of Circle and that USDC is safer now that Binance no longer holds the stablecoin,” the media outlet Protos writes in an exclusive report.
The news is raising eyebrows, given that Binance was a substantial holder of USDC, a stablecoin owned by a consortium that includes Coinbase. However, the situation becomes more complex when we consider the current state of USDC.
The stablecoins market cap has
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