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Binance’s stablecoin surge – Record inflows, BNB’s price action, and more…
Binance has witnessed a significant surge in stablecoin inflows, marking a new record high. This growth is expected to have a significant impact on the market, particularly with regards to liquidity, transaction activity, and revenue.
According to a recent CryptoQuant analysis, Binance currently controls roughly 67% of the total stablecoin reserves held on all exchanges, solidifying its position as the most liquid exchange. Not only this, but it has also reportedly recorded over $22 billion worth of stablecoin inflows in 2024 alone. This substantial growth has enabled the platform to secure more transaction activity and subsequently generate increased revenue.
In addition to these developments, a recap of Binance Smart Chain (BSC) network activity reveals some interesting insights. According to DeFiLlama data, the stablecoin marketcap on the BSC grew significantly throughout 2024. The lowest recorded marketcap during this period was $32.71 million on January 21st. This temporary dip was quickly recovered as it exceeded over $4 billion by December 13th.
It is also essential to note that BSC volumes have shown a substantial growth, particularly in the last quarter of the year. For instance, volume peaked at $2.43 billion within the last 24 hours, marking the second time this month that it surpassed the $2 billion-mark. The network’s transaction count also experienced a significant increase, growing from approximately 3 million daily transactions in September to over 5 million transactions.
Furthermore, BNB has seemingly been benefiting greatly from the recent bullish activity throughout 2024. This is reflected in its price action. On shorter timeframes, BNB initially started this week with a bearish leg, characterized by an abrupt decline from its ATH. The subsequent pullback took the price as low as $642 before rebounding above $700 at the time of writing, reaching a value of $723.91.
In conclusion, it can be seen that stablecoins have played a vital role in Binance’s recent growth and success.
Source: ambcrypto.com
