Coinbase receives 100m $USDC

     Tracker Whale Alert has tracked that, today (Tuesday, 23 Jul 2024), 100 million USDC were transferred from USDC Treasury to Coinbase in two transactions of 50m each. Both transaction happened on Ethereum Blockchain.

Low Ethereum Fees

     One might think that transaction costed a hefty gas fee, but even for a transaction as large as $50 million, the fee was $0.46 and $0.51 respectively. That is, the Ethereum gas fee for a $100 million transaction was less than $1.

Source : Transaction 1 ; Transaction 2

Thoughts

     Coinbase is the co-creator of USDC, so the amount of stablecoin deposits with it raises doubts about Coinbase's reserves! Also, the very low gas fees on heavy transactions indicate that they know of a loophole for cheaper transactions on Ethereum.