{"id":179858,"date":"2023-08-09T19:40:14","date_gmt":"2023-08-09T19:40:14","guid":{"rendered":"https:\/\/precoinnews.com\/?p=179858"},"modified":"2023-08-09T19:40:14","modified_gmt":"2023-08-09T19:40:14","slug":"binance-drops-majority-of-usd-coin-reserves-latest-usdc-news","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/binance-drops-majority-of-usd-coin-reserves-latest-usdc-news\/","title":{"rendered":"Binance drops majority of USD Coin reserves \u2014 Latest USDC news"},"content":{"rendered":"

In the most recent episode of The Market Report<\/em>, analyst and writer Marcel Pechman delves into the topic of crypto exchange Binance\u2019s proof-of-reserves. This report reveals a significant decline in USD Coin (USDC) balances, plummeting from $3.4 billion on March 1 to a mere $23.9 million by May 1.\u00a0<\/p>\n

According to insights from on-chain analyst Aleksandar Djakovic, this decline signifies that Binance utilized the $3.4 billion to procure 100,000 Bitcoin (BTC) and 550,000 Ether (ETH) during that period, totaling approximately $3.5 billion. The central question, as posed by Pechman, revolves around whether this investment was initiated by Binance users, thereby distancing Binance CEO Changpeng Zhao and the company from direct involvement.<\/p>\n

Pechman disagrees with this conjecture, although he does acknowledge the possibility of the exchange accessing a portion of its USDC reserved for margin or derivatives trades. Nevertheless, he finds the notion of depleting the entire balance without client awareness or impacting the exchange\u2019s day-to-day functions implausible.<\/p>\n

Transitioning to the next segment of the show, Pechman delves into PayPal\u2019s imminent launch of a stablecoin, announced on Aug. 7. This stablecoin, issued by Paxos Trust and built on the Ethereum blockchain, bears striking similarities to USDC and Paxos USD (USDP). Yet, Pechman highlights a distinguishing factor in the integration of the stablecoin with PayPal and Venmo.<\/p>\n

Ultimately, Pechman concludes that there is no discernible benefit for end users in adopting this new stablecoin. Other stablecoins, he points out, offer both yield and a more extensive presence in the decentralized applications market.<\/p>\n

Lastly, Pechman addresses the circulating rumors that Huobi executives within the cryptocurrency realm are facing arrest by Chinese law enforcement. He also raises questions about Tron founder Justin Sun and the peculiar drawdown of Tether (USDT) reserves from Huobi.<\/p>\n

For further insights into these matters, tune in to the latest episode of The Market Report<\/em>, an exclusive show available on the newly launched Cointelegraph Markets & Research YouTube channel.<\/p>\n

https:\/\/www.youtube.com\/embed\/T3FflVwReRY
\nSource: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In the most recent episode of The<\/p>\n","protected":false},"author":3,"featured_media":179857,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nBinance drops majority of USD Coin reserves \u2014 Latest USDC news - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/binance-drops-majority-of-usd-coin-reserves-latest-usdc-news\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance drops majority of USD Coin reserves \u2014 Latest USDC news - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"In the most recent episode of The\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/binance-drops-majority-of-usd-coin-reserves-latest-usdc-news\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-09T19:40:14+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/08\/Binance-drops-majority-of-USD-Coin-reserves-\u2014-Latest-USDC-news.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/binance-drops-majority-of-usd-coin-reserves-latest-usdc-news\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/binance-drops-majority-of-usd-coin-reserves-latest-usdc-news\/\",\"name\":\"Binance drops majority of USD Coin reserves \u2014 Latest USDC news - 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