1 week ago
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Key Takeaways
- Coinbase: $19B average USDC in Q1’26, 25.3% of total supply: all-time high share.
- USDC ERC20 exchange reserve: 13.47B, down 5.91% in 24H: 30-day low.
- Exchange netflow: -846.2M, confirming net outflow from trading infrastructure.
- Total USDC ERC20 supply: 52.76B, down 1.55% in 24H.
Coinbase holding $19B in USDC across its products while all-exchange USDC reserve sits at 13.47B are not contradictory figures: Coinbase’s $19B includes custodial balances and retail products that do not appear in exchange reserve measurements, which means the two numbers are measuring different pools of the same asset rather than competing claims on the same supply.
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