The movement was valued at $250,188,283 and appears to involve a large transfer of the dollar-pegged stablecoin to Coinbase’s institutional platform.
Ethena transferred 250,118,000 USDC, worth $250,188,283, to Coinbase Institutional. The transaction points to a sizable movement of the dollar-pegged stablecoin between a crypto project and Coinbase’s institutional-facing platform, though no reason for the transfer was provided in the source.