Brian Armstrong revealed Binance sold all its USDC in Coinbase earnings call
During Coinbase ’s Q2 earnings call on Thursday, chief and founder Brian Armstrong stammered a reply to a question about stablecoin USDC , unexpectedly revealing that its market cap had gone up after Binance sold all its holdings. “USDC market cap is up after Binance pulled out,” Armstrong stuttered out 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. Coinbase is a member of the consortium that owns USDC. It’s the preferred stablecoin for the exchange’s operations. However, USDC’s market cap is shrinking fast, dropping from $44.5 billion at the start of this year to just $26 billion at press time. Earlier this year, 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. Coinba...