The stablecoin reserve on Binance has hit an ATH of $51.1 billion, following a series of market declines.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
2 mins read
Blockchain analytics platform CryptoQuant has reported a significant surge in Bitcoin BTC $87 439 24h volatility: 0.8% Market cap: $1.74 T Vol. 24h: $60.99 B stablecoin reserve on exchanges. Precisely, it hit a record of $51.1 billion, marking the highest level in all of history.
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: $184.51 B Vol. 24h: $76.16 B and USD Coin USDC $1.00 24h volatility: 0.0% Market cap: $75.13 B Vol. 24h: $11.10 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 $2 941 24h volatility: 1.7% Market cap: $355.01 B Vol. 24h: $20.43 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.
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.
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.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
