USDC Treasury moves $115.9M to Coinbase Institutional in a single transfer.

The USDC Treasury transferred 115,884,320 USDC — roughly $115.9 million — directly to Coinbase Institutional in a single on-chain transaction. Transfers of this size from the issuer's treasury typically reflect institutional client settlement, custody onboarding, or large redemption/issuance flows rather than open-market selling.

At $115.9M, the move sits well above typical retail thresholds and will draw attention from on-chain analysts watching for signals around institutional USDC demand. The destination — Coinbase Institutional specifically — suggests a managed custody or prime brokerage context rather than exchange liquidity provisioning.