<p><span style="font-weight: 400;">Binance has resumed processing withdrawal requests of the USD Coin (USDC) stablecoin after pausing them for several hours.</span></p> <p><span style="font-weight: 400;">Binance, the world's largest cryptocurrency exchange platform by daily volume, temporarily stopped processing USDC withdrawals due to inadequate USDC reserves on the platform, <a href="https://twitter.com/cz_binance/status/1602579499903852544">according</a> to </span><span style="font-weight: 400;">Binance CEO Changpeng Zhao</span>.</p> <p><span style="font-weight: 400;">Binance holds a large majority of its stablecoin holdings, more than $11.5 billion in Paxos-issued BUSD, </span><a href="https://portfolio.nansen.ai/dashboard/binance"><span style="font-weight: 400;">according</span></a><span style="font-weight: 400;"> to Nansen data. </span><span style="font-weight: 400;">To increase its USDC reserves, it made efforts to swap its BUSD holdings with USDC. </span></p> <p><span style="font-weight: 400;">However, any token swaps into USDC required routing funds through a New York bank which was not yet open, Zhao said. This hindered the exchange's ability to process these transactions, so the exchange temporarily</span> <a href="https://twitter.com/binance/status/1602579775721283584"><span style="font-weight: 400;">paused</span></a><span style="font-weight: 400;"> USDC withdrawals while it conducted a token swap. </span></p> <p><span style="font-weight: 400;">Users have been withdrawing large amounts of funds from Binance, including USDC and other stablecoins. Since yesterday, Binance has seen a net outflow of over $2 billion in various crypto assets, </span><a href="https://twitter.com/Merkle3_/status/1602620827924631552"><span style="font-weight: 400;">according to</span></a><span style="font-weight: 400;"> estimates from Simon Cousaert, director of data at The Block.</span></p> <p><span style="font-weight: 400;">Binance claims to hold more than</span> <a href="https://portfolio.nansen.ai/dashboard/binance"><span style="font-weight: 400;">$60 billion</span></a><span style="font-weight: 400;"> worth of assets across all of its wallets. </span></p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>