Binance sold nearly $3 billion worth of USDC reserves post Silvergate collapse, shows its latest proof of reserves
) reserves at the time of Silvergte’s collapse caught many people’s attention and became a topic of discussion on X .suggests Binance holds more than enough crypto and cash to cover 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.While the report presents a healthy financial situation for Binance, its USDC reserve movements post-Silvergate collapse and the depeg of the stablecoin were the main topics of discussion. The PoR shows that Binance’s USDC balance decreased from $3.4 billion on March 1 to $23.9 million by May 1.
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