Crypto Exchange Binance Holds $1B in Stablecoins

Crypto Exchange Binance Holds $1B in Stablecoins

Popular crypto exchange Binance holds $1 billion worth of ERC-20-based stablecoins, Cointelegraph website reported.

The firm owns $1,007,585,549 worth of stablecoins, compared with around $105,583,132 over the past seven days, according to data issued by Nansen.

Meanwhile, Huobi’s balance of stablecoins amounts to just over half the sum: $694,327,505, with a rise of $165,823,720 over the same seven-day period.

These two exchanges led with stablecoin balances. Bitfinex took the third position, with its balance falling from $66 million to around $58.997.388. It was followed by Bittrex with nearly 50,927,291.

Binance Dollar exceeds $100M

The news comes after the market cap of Binance Dollar exceeded $100 million.

Binance CEO Changpeng Zhao said:

“We are looking forward to seeing more utility through the power of stable digital assets and serving our part with BUSD, an NYDFS-approved USD-based stable coin.”

P2P Trading

On 19 March, Cryptolydian reported that Binance has launched P2P trading for five fiat currencies in Latin America.

The fiat currencies are Brazilian Real (BRL), Argentine Peso (ARS), Colombian Peso (COP), Mexican Peso (MXN) and Peruvian Sol (PEN).

Thus, customers can directly buy and sell Bitcoin, Ethereum, Tether, Binance Coin and Binance USD using these five Latin American currencies with zero transaction fees on the Binance P2P website.

Binance users to earn interest on BCH Deposits

Earlier, the exchange has announced that its users who hold three additional top cryptos including Bitcoin cash will be eligible for interest bearing service.

In addition, Binance Lending has now added ETH, BCH, and EOS to the list of flexible deposit supported digital assets. These only join the BTC, BNB and two previously available stablecoins.

Lending is a financial product that the exchange offers its users to lend to Binance Margin their idle crypto assets on the platform, and to earn interest in it. Flexible deposits are similar to a crypto savings account, with the possibility of redeeming funds without a long-term commitment.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.