An on-chain monitoring account flagged a transfer of around 221 million USDC from an unknown wallet to Coinbase, continuing a pattern of large stablecoin deposits this year, with amounts often ranging between $200 million and $272 million. Analysts suggest the move could stem from institutional treasury rebalancing, Circle minting and redemption, or market makers front-loading stablecoin positions. Coinbase's deep commercial relationship with USDC issuer Circle positions the exchange as a key hub for institutional stablecoin flows. (CryptoBriefing)
An on-chain monitoring account spotted a transfer of about 221 million USDC from an unknown wallet to Coinbase. Big move. It adds one more large stablecoin deposit to a run of nine-figure transactions seen multiple times this year, with amounts usually landing between $200 million and $272 million.
Analysts say these transfers may come from institutional treasury rebalancing, Circle minting and redemption, or market makers putting stablecoins to work ahead of time. And Coinbase has a deep commercial relationship with Circle, the issuer of USDC, which puts the exchange at the center of institutional stablecoin flows. (CryptoBriefing)
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