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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 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 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>\nNansen Researcher Discovers Binance Stacking Circle\u2019s Stablecoin<\/h2>\n
![\"Binance](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2023\/02\/usdc.jpg\" "\\"Binance")
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