Wu noted that CoinGecko analyzed USDC usage across five EVM chains: Ethereum, BNB Chain, Base, Arbitrum, and Polygon. It found that Base has become the most DeFi-oriented USDC network, with approximately 49% of classified USDC stored in lending protocols and 36% used for DEX liquidity, together accounting for 85%, while exchanges only accounted for 13%. In contrast, about 68% of classified USDC on Ethereum sits on centralized exchanges, and on BNB Chain this proportion is as high as 88%, functioning more as an exchange settlement network. Arbitrum has the most balanced USDC distribution, while on Polygon, about 25% of classified USDC is associated with crypto gambling platforms.

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