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    <p>During <a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a>’s Q2 <a rel="noopener noreferrer nofollow" title="earnings" href="https://thebittimes.com/tag/earnings.html">earnings</a> call on Thursday, chief and founder Brian Armstrong stammered a reply to a question about stablecoin <a rel="noopener noreferrer nofollow" title="USDC" href="https://thebittimes.com/tag/usdc.html">USDC</a>, unexpectedly revealing that its market cap had gone up after <a rel="noopener noreferrer nofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> sold all its holdings.</p> 
    <p>“USDC market cap is up after Binance pulled out,” Armstrong stuttered out during Coinbase’s earnings call. The unexpected answer seemed to imply that crypto exchange Binance was a holder of Circle and that USDC is safer now that Binance no longer holds the stablecoin.</p> 
    <p>Coinbase is a member of the consortium that owns USDC. It’s the preferred stablecoin for the exchange’s operations.</p> 
    <p>However, USDC’s market cap is shrinking fast, dropping from $44.5 billion at the start of this year to just $26 billion at press time. Earlier this year, the Federal Deposit Insurance Agency had to take over Circle’s main banks, namely Signature and Silicon Valley Bank, to prevent a bank run. This controversial move effectively saved USDC.</p> 
    <h2 class="wp-block-heading" id="h-coinbase-earnings-q2-2023">Coinbase earnings Q2 2023</h2> 
    <p><a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a> <a rel="noopener noreferrer nofollow" title="earnings" href="https://thebittimes.com/tag/earnings.html">earnings</a> for the second quarter of 2023 show it made $663 million in net revenue, continuing its decline from last year. Q2 2023 <strong>revenue from trading volume was less than half</strong> of last year’s second quarter — down to $92 billion compared to $217 billion in Q2 last year.</p> 
    <p>Trading activity on <a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a> is on a steady decline. Traders seem to be increasingly trading bitcoin in the current bear market, with bitcoin trading comprising 40% of the total volume compared to just 31% in Q2 2022. <a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a> still holds up to $3.3 billion in debt, and only reported $485 million worth of crypto assets of its own. It’s currently holding $130 billion in customers’ assets.</p> 
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        SEC Coinbase demand would have meant ‘end of crypto in the US’ 
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“SEC Coinbase demand would have meant ‘end of crypto in the US’” — Protos" src="https://protos.com/sec-coinbase-demand-would-have-meant-end-of-crypto-in-the-us/embed/#?secret=iOGMP3Rrel#?secret=rRoG0BL8We" data-secret="rRoG0BL8We" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe> 
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    <p><em>Read more: Drug gang used <a rel="noopener noreferrer nofollow" title="Coinbase" href="https://thebittimes.com/tag/coinbase.html">Coinbase</a> to launder crypto from prison</em></p> 
    <p>Ever since Coinbase went public on the NASDAQ, Coinbase executives including Brian Armstrong haven’t stopped selling stock. Stock price went public at $342 and sits at $90.75 at press time.Coinbase is currently facing a court battle against the Securities and Exchange Commission (SEC) for selling unregistered securities – an accusation that Coinbase denies.&nbsp;</p> 
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Brian Armstrong revealed Binance sold all its USDC in Coinbase earnings call

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