Approximately $221 million in USDC was transferred to Coinbase from an unidentified wallet, according to on-chain tracker Whale Alert. This deposit follows a series of massive stablecoin transfers to the exchange throughout 2026, with amounts ranging from $200M to $272M. The sender’s identity remains unknown, which is common for institutional transfers. These movements could indicate liquidity preparation by market makers or institutional clients conducting treasury rebalancing. Coinbase’s central position in stablecoin flows reflects its close ties with Circle, the USDC issuer, of which it is a co-founder of the Centre Consortium.
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