Binance sold USDC for BTC & ETH after Silvergate bank collapse: PoR report
Binance’s depleting USDC reserves has become a hot topic in the crypto ecosystem, especially after Coinbase CEO’s quip during the company’s Q2 earning call. Cryptocurrency exchange Binance released its latest proof-of-reserves (PoR) on Aug. 1, offering transparency into its crypto reserves. However, the movement of its USDC reserves at the time of Silvergte's collapse caught many people’s attention and became a topic of discussion on X. The latest reserve audit suggests Binance holds more than enough crypto and cash to cover the user funds. The ratio of Binance's net balances to its customers' net balances is more than 100% for all its assets as shown in the snapshot below. Binance asset reserve ratio to customer funds. Source: Binance While the report presents a healthy financial situation for Binance, its USDC reserve movements post-Silvergate collapse and the depeg of the stablecoin was the main topic of discussion. The PoR shows that Binance’s USDC balance decreas...