$3.7B in One Wallet: The Biggest USDC Holder Isn’t Who You Expect

Sky holds the largest single USDC wallet with $3.7B, while Binance leads entities with $10.2B across wallets.

USDC’s largest individual wallet is not held by a major exchange, according to the shared holder data.

Sky, formerly MakerDAO, holds $3.7 billion in one USDC wallet, while Binance remains the largest entity holder with $10.2 billion across several wallets.

Sky Holds the Largest Single USDC Wallet

The largest listed USDC wallet belongs to Sky’s LITE PSM USDC A Pocket. The wallet holds 3.7 billion USDC, equal to 4.9% of supply.

The data places Sky ahead of major exchange wallets on an individual wallet basis.

Sky uses its Peg Stability Module to support stablecoin swaps. The system lets users swap USDC for DAI and USDS at a 1:1 rate.

This explains why the protocol holds large USDC balances. The second-largest individual wallet belongs to Hyperliquid’s Bridge2 address.

It holds 3.3 billion USDC, equal to 4.3% of supply. The funds represent user capital moved into the Hyperliquid ecosystem.

Binance appears several times in the individual wallet rankings. Its cold wallet holds 3 billion USDC, equal to 4% of supply.

Other Binance proxy wallets hold between 1.3 billion and 1.7 billion USDC.

Binance Leads USDC Entities

Although Sky controls the largest single wallet, Binance leads by entity. The data shows Binance holding 10.2 billion USDC. That equals 13.3% of the listed supply.

The Arkham Intel platform groups related wallets into entities. The research said this method gives a fuller picture of large holders. It also said large holders often split assets across wallets.

Binance’s USDC is held across cold wallets, hot wallets, and proxy contracts. These wallets can include customer deposits and trading liquidity.

They do not always represent corporate-owned assets. Coinbase ranks as another large USDC exchange holder, with 8.8 billion USDC.

OKX holds 1.1 billion USDC, while Bybit holds 870 million USDC. These figures show the central role of exchanges in USDC liquidity.

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DeFi, Bridges, and a Fresh ETH Buy

DeFi protocols and bridges also hold large USDC balances. Sky holds 3.7 billion USDC as a DeFi protocol. Hyperliquid holds 3.27 billion USDC as a decentralized exchange.

Polygon holds 1.1 billion USDC in bridge contracts. These funds represent USDC moved from Ethereum to the Polygon network.

Circle, the USDC issuer, holds 2.6 billion USDC in the entity ranking. Copper also appears among the top categories.

The institutional custodian holds 683 million USDC. Its balance equals 0.9% of the listed supply.

The data also noted renewed activity from wallet 0xB476. The wallet spent 5.81 million USDC to buy 2,570 ETH. The purchase was made at an average price of $2,261.

The transaction occurred after more than one year of inactivity. It adds a fresh on-chain event to the broader USDC holder data.

The transfer also shows how large USDC balances can move into crypto assets quickly.

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