USDC On Binance Increases Post BUSD News; Crypto Analyst Impressed

Crypto journalist Martin Lee tweeted that he is impressed by the major USDC increase on Binance following the “BUSD news.” He stated that Binance has observed a 1.5 billion USDC growth in just the last 7 days.

Interesting to see the amount of USDC on Binance increase so much since the BUSD news (over 1.5B increase in the L7D)

Expected the amount of USDT to increase much more than USDC given that you can’t trade using USDC

*Note: Only covers ERC-20 versions of the tokens* pic.twitter.com/s0OpRrgDMB

— Martin Lee | Nansen 🧭 (@themlpx) February 21, 2023

Lee also highlighted that he was anticipating a jump in the amount of USDT instead of a rise in the amount of USDC since users can’t use it for trading.

Moreover, Lee added an image that showed the rise in the value of USDC across several major crypto exchanges including Binance, OKX, Uniswap, and more.

According to the image, USDC hit $3,128,538,795, while USDT recorded a total value of $1,722,716,114. Similarly, USDC reached $785,885,600 on Uniswap when USDT stood at $216,642,177.

However, OKX noted that USDC reached $206,144,859 with USDT leading at $2,665,744,271. Meanwhile, Bybit, Curve.fi, KuCoin, Crypto.com, and Pulsex recorded $74,202,898, $466,367,456, $116,361,235, $410,222,657, and $105,283,431 in USDC, as per Lee’s tweet.

Stablecoins recently got caught up in the most recent regulatory FUD. BUSD was the stablecoin that was most impacted, while others escaped being significantly affected. It appears that USDC was almost the next victim, and things could still get worse.

Many cryptocurrency companies have recently had to reassess their tactics in the United States due to governmental pressure; among them is Binance, which is said to be severing its ties to US-based businesses like Circle, the issuer of USDC.

Nevertheless, the leading crypto exchange CEO Changpeng Zhao responded “False” to a tweet claiming that Binance was considering delisting all US-based cryptocurrencies.

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