On December 30, 2024, a series of substantial USDC transactions occurred involving Coinbase and Binance. A total of 34,999,800 USDC, valued at approximately $35 million, was transferred from Coinbase Institutional to Binance. This was followed by another transfer of 25,000,000 USDC, worth about $25 million, from Coinbase Institutional to Binance. The USDC Treasury also executed multiple transactions, transferring 100,000,000 USDC to Coinbase on two occasions, with the amounts valued at approximately $100 million each. Additionally, the USDC Treasury minted a total of 300,000,000 USDC across several transactions, with values ranging from $100 million to $100,146,166. The recent activity has raised questions about liquidity and the potential for an IPO by Circle, the issuer of USDC, which is anticipated to occur in 2025 according to market predictions.