Overview

Binance, a leading centralised exchange by trading volume, announced a month ago that it would delist three popular stablecoins and convert user balances into its own BUSD stablecoin.

Since 29 September, Binance has automatically converted user accounts and new deposits of USD Coin (USDC), Pax Dollar (USDP) and TrueUSD (TUSD) into Binance USD on an individual basis.

Users have, however, been able to continue withdrawing unsupported stablecoins, and Binance has converted the remaining stablecoins into fiat currency for BUSD customers on a one-for-one basis.

But... how does this affect USDC, the No. 2 stablecoin with a capitalization of $52B? Let's take a look at it in the following analysis.

Methods

The intention of this dashboard is to see how this announcement and its application affects to this principal stablecoin.

To carry out it, the following metrics have been taken into account:

• USDC active users before and after event
• USDC volume transfers before and after event
• USDC average volume transfered before and after event
• USDC active swappers before and after event
• USDC volume swapped before and after event
• USDC average volume swapped before and after event
• Netflow swaps
• Netflow volume swapped
• Which platforms have been the most used to interact with USDC?

General transfer metrics

In this first charts, we can see the general metrics regarding USDC metrics. On the one hadn, we can see that the USDC transferes slowly decreased since the delist application on Binance. If we take into account the 20 days before the event and the 20 days after the event, we can see that while during the first period more than 300k users were active, after the event below 300k were active.

On the other hand, The volume seems to not be affected by this event. In fact, the volume after the event is higher than the volume before it. In terms of average volume, we can see as well that it has increased after the event. While the average volume before the event was 173k USDC, after the event it increased to 272k.

Swap metrics

In terms of swappers, we can see something similar as active transferers occured. In this case, we can see again a little slowly downtrend after the event. In general, more than 100k users were active before the event while less than 90 users were active after that.

In terms of volume swapped, the difference is more evident. In this case, we can see how the volume has a lower threshold around 5B USDC, while after the event, this low value decreased to less than 1B USDC. In fact, looking at the general terms, we can see how the volume swapped the 20 days before the delisiting was 140B, but after the event has been around 60B USDC.

Finally, the same occurred with the average volume swapped. It has been a downtrend on this number since the beginnning of the period. Only the first days after the delisting period were higher but since October 8th, the numbers considerably decreased. In general, the average volume swapped before the event was 103k USDC while after the event has been 36k, which is 3x lower.

In these two charts above, it can be seen the netflow swaps. Again, we can see the downtrend in both cases but more critical on the volume metrics. However, we cannot see any specific days were USDC has been altererd by the event. It is noted that the delisting from Binance reduced a little bit the activity of USDC in general, but it seems that the rest of the platforms are having similar activity by USDC users.

Top platforms used

Finally, in this last chart we can see the top platforms used to interact with USDC.

As we can see, the top platform is Uniswap and has been Uniswap during before and after the event. The other important platforms have been 1inch, Metamaks, Coinbase, Mev Bot and 0x.

In all of the cases, we can see that more transactions were done before the event than after the Binance delisting, showing again the repercussion of Binance on this stablecoin. However, the rank of the platforms has not changed.

Key insights

• The USDC transferes slowly decreased since the delist application on Binance.
• The volume seems to not be affected by this event. In fact, the volume after the event is higher than the volume before it.
• The swappers decreased a little bit after the event.
• In terms of volume swapped, the difference is more evident. In this case, we can see how the volume has a lower threshold around 5B USDC, while after the event, this low value decreased to less than 1B USDC.
• It has been a downtrend of the average volume swapped. Only the first days after the delisting period were higher but since October 8th, the numbers considerably decreased.
• We cannot see any specific days were USDC netflow has been altererd by the event. It is noted that the delisting from Binance reduced a little bit the activity of USDC in general, but it seems that the rest of the platforms are having similar activity by USDC users.
• The top used platform is Uniswap and has been Uniswap during before and after the event. The other important platforms have been 1inch, Metamaks, Coinbase, Mev Bot and 0x.
• More transactions were done in all platforms before the event than after the Binance delisting, showing again the repercussion of Binance on this stablecoin. However, the rank of the platforms has not changed, corroborating that the usage of USDC in the other platforms has not been affected.