Binance Stablecoin Reserve Hits ATH, Is This Good Sign?

Key Notes CryptoQuant reported that Binance’s stablecoin reserve has topped $51. 1 billion. To complete this, BTC and ETH inflows into Binance came in at $15 billion. Generally, there is a surge in the rate of stablecoin adoption. Blockchain analytics platform CryptoQuant has reported a significant surge in Bitcoin BTC $86 901 24h volatility: 0. 0% Market cap: $1. 73 T Vol. 24h: $60. 87 B stablecoin reserve on exchanges. Precisely, it hit a record of $51. 1 billion, marking the highest level in all of history. Binance Outperforms Other Exchanges in Stablecoin Reserve According to CryptoQuant data, exchanges have been seeing a surge in inflows as the crypto market begins to correct. At the same time, Binance’s stablecoin reserve hit $51. 1 billion on Nov. 15, signifying the highest level recorded so far. This covers for USD-pegged stablecoins like Tether USDT $1. 00 24h volatility: 0. 0% Market cap: $184. 50 B Vol. 24h: $75. 82 B and USD Coin USDC $1. 00 24h volatility: 0. 0% Market cap: $75. 13 B Vol. 24h: $4. 69 B Binance is followed by the OKX exchange, which recorded almost $10 billion this November. Back in September, Binance’s total stablecoin holdings climbed to a record of $45 billion as traders prepared for potential Q4 volatility. ERC-20-based USDT reserves surged to roughly $32. 6 billion, offsetting a TRC-20 decline to about $8 billion around that time. Such actions inject fresh liquidity, which may strengthen the exchange’s ability to support large trades. Ultimately, this kind of sentiment creates a more attractive environment for traders. Currently, BTC and ETH ETH $2 918 24h volatility: 0. 8% Market cap: $352. 25 B Vol. 24h: $20. 47 B inflows into exchanges have climbed to $40 billion this week, led by Binance and Coinbase. This was around the time when crypto prices were declining, suggesting increased selling pressure. The BTC and ETH inflows to Binance summed up to $15 billion, which is more than a third of the total BTC and ETH inflows. The inflows to Coinbase were around $11 billion, while other exchanges received $14 billion in total. The Growing Adoption of Stablecoin McKinsey has estimated that stablecoin transactions have surpassed $27 trillion this year alone, with a few weeks left for the year to end. In recent times, the crypto industry has seen a massive surge in stablecoin adoption. On Nov. 25, fintech giant Klarna launched KlarnaUSD, its USD-pegged stablecoin on Tempo, the payment-focused blockchain started by Stripe and Paradigm. Apart from signifying the expansion of the stablecoin ecosystem, this marked a pivot for Klarna, whose CEO used to be a vocal crypto skeptic. Also, the Sui Foundation introduced USDsui, a native stablecoin designed to retain yield from the network’s substantial transaction activity, moving away from third-party assets. next Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
https://bitcoinethereumnews.com/tech/binance-stablecoin-reserve-hits-ath-is-this-good-sign/

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