What is the giant coin slot before the boss area in the Sand Kingdom?

In the Sand Kingdom, after deepest underground and before the big arena, there's an oversized coin slot in a big circle. You can jump into it; I can't find out what to do with it.

What is the giant coin slot for?


Solution 1:

This is where the Binding Band that Bowser stole from this kingdom is normally kept. If you access this area in the postgame, you will find the Binding Band here.