The same for swapping into USDT: in the past 24 hours, Binance’s USDC trading volume was about $3.73 billion, while FDUSD was only about $28.6 million—about 130 times less. These figures currently come from only one source: Binance’s publicly available data.
This indicates that stablecoin trading volume on Binance is clearly concentrating on USDC, but it does not mean that on-chain holdings are migrating in sync. Only if FDUSD trading volume returns to more than 20% of USDC’s should this conclusion be re-evaluated.
This indicates that stablecoin trading volume on Binance is clearly concentrating on USDC, but it does not mean that on-chain holdings are migrating in sync. Only if FDUSD trading volume returns to more than 20% of USDC’s should this conclusion be re-evaluated.