Ad Binance users are withdrawing their crypto assets following the recent regulatory scrutiny of one of the exchange’s products. In the last 24 hours, the exchange saw outflows of $621 million, according to a Wu Blockchain report. The outflows had dropped to $460 million as of press time, according to DeFillama data. Binance recorded $916…
In the last 30 days, $6.2 billion worth of BinanceUSD (BUSD) was withdrawn from exchanges, according to Glassnode data as analyzed by CryptoSlate. The chart below represents the exchange net position change of BUSD on exchanges. The green spikes indicate a BUSD inflow, while the red ones represent an outflow. According to the chart, BUSD…
Binance USD’s (BUSD) supply declined by over 15% to $18.8 billion from $22 billion within the last 24 hours after Binance experienced a surge in withdrawals. The withdrawals appeared to have affected BUSD’s supply as it dropped below $20 billion for the first time since climbing above it in September when Binance converted its users’…
Coinbase is incentivizing its users to convert their Tether (USDT) holdings for USD Coin (USDC), according to a Dec. 8 blog post. Switch to a trusted stablecoin: USD Coin (USDC). Now convert Tether (USDT) to USDC with zero fees.https://t.co/OObSqNWdpj — Coinbase (@coinbase) December 8, 2022 According to the US-based exchange, recent events have shown that…
Reflexity Research cofounder Will Clemente tweeted on Dec. 5 that stablecoins were one of the few crypto use cases that have found product market fit despite the current market condition. Stablecoin aggregate volume reaches ATH Citing Glassnode data, Clemente said stablecoin’s growth was evident in several areas. This included the aggregate volume reaching an all-time…
Binance USD (BUSD) is the best-performing stablecoin among the top three stablecoins, as its supply dominance increased by 6% on the year-to-date metrics to 16%. The Binance-backed stablecoin has seen its supply grow from $18 billion at the start of the year to $22 billion as of press time. Its growth was largely pushed by…
FTX founder Sam Bankman-Fried hinted that the exchange could create its stablecoin in the “not too distant future” in an Oct. 27 interview with The Big Whale. 🔴 SCOOP@SBF_FTX told @TheBigWhale_ that @FTX_Official is working on their stablecoin Video 👇 pic.twitter.com/hjVscUl50Q — The Big Whale 🐳 (@TheBigWhale_) October 27, 2022 According to SBF, the exchange…
Circle CEO Jeremy Allaire said Binance’s decision to convert its users’ USD Coin (USDC) holdings to its Binance USD (BUSD)stablecoin is good. Helpful perspective from @wintermute_t , which is spot on. Converged dollar books on Binance — now same as on FTX and Coinbase — is a good thing. USDC utility just increased. https://t.co/QWfMx7f1cZ —…
Terra’s UST is now the third-largest stablecoin by market cap behind that of Tether’s USDT and Circle’s USDC despite the fact that its trading volume pales significantly against that of Binance USD (BUSD), according to data from CoinGecko. Per the data, UST’s market cap is now at $17.58 billion, which is slightly above that of…
In recent times, one of the major economic crises countries around the world have been facing is inflation; especially as a number of them are having to battle with the dwindling purchasing power of their national fiat currency due to the effect of the coronavirus pandemic. Turkey is battling an economic crises One country fighting…