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Coinbase CEO Brian Armstrong Reveals Binance Sold Its USDC Holdings in Earnings Call

During Coinbase's Q2 earnings call, CEO Brian Armstrong unexpectedly disclosed that Binance had sold all its holdings of the stablecoin USDC, causing its market cap to increase. Armstrong's statement implied that USDC is now safer without Binance's involvement. However, USDC's market cap has been declining rapidly, dropping from $44.5 billion to $26 billion.

Earlier this year, the Federal Deposit Insurance Agency intervened to protect USDC after taking over Circle's main banks. Coinbase's Q2 earnings show a decline in revenue, with trading volume less than half of last year's second quarter. Coinbase is also facing a legal battle with the SEC over the sale of unregistered securities.

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