In a Q2 earnings call, Coinbase chief Brian Armstrong unexpectedly said that USDC was stronger now that Binance has liquidated.
Highlights
- In a Q2 earnings call, Coinbase chief Brian Armstrong unexpectedly said that stablecoin USDC was stronger now that Binance sold all its holdings.
- USDC’s market cap has dropped from $44.5 billion at the start of this year to just $26 billion at press time.
- The Federal Deposit Insurance Agency had to take over Circle’s main banks, namely Signature and Silicon Valley Bank, to prevent a bank run, this controversial move effectively saved USDC.
- The unexpected answer seemed to imply that crypto exchange Binance was a holder of Circle and that USDC is safer now that the exchange no longer holds the stablecoin.
- In Q2 2023, revenue from trading volume was less than half of last year’s second quarter.
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