$1.8 Billion in USDC Left Binance After Its MiCA Setback. But Who Really Gained? Binance recorded $1.8 billion in net USDC outflows in Q2 2026, including $1.4 billion in June alone, while its tracked USDC balance fell 19%. Over the same period, USDC’s total supply contracted by 5.5%, equivalent to approximately $4.3 billion in net redemptions. Binance may have been affected by its failure to secure a MiCA license, but OKX did not capture the outflows, as its own USDC balance also declined 9.7%. Among the comparable exchanges, Bybit was the only one to record meaningful growth, with its USDC balance rising 45% from $450 million to $660 million, supported by demand for USDC-margined perpetual contracts and options. Circle’s distribution payments may have kept USDC inside Binance’s treasury, but they did not retain user balances. Despite the outflows, Binance still accounted for 62% of the stablecoins held across the eight exchanges reviewed and roughly 80% of the USDC held by centralized exchanges.