Binance extended its dominance and influence in the crypto market, aided by robust stablecoin inflows so far this year...
dominance is becoming more apparent and influential as the market continues to heat up. In fact, recent reports suggest that the crypto exchange has been noting a surge in stablecoins lately and thus, liquidity., Binance currently controls roughly 67% of the total stablecoin reserves held on all exchanges. In other words, it is the most liquid exchange. Therefore, it has the largest impact on flows into cryptocurrencies.
Binance has reportedly recorded over $22 billion worth of stablecoin inflows in 2024 so far. This makes it the biggest driver of demand in crypto in this year. Additionally, this has technically allowed Binance to secure more transaction activity and should translate to more revenue.According to DeFiLlama, stablecoin marketcap on the Binance Smart Chain grew considerably in 2024. The lowest stablecoin marketcap recorded during the year was $32.71 million on 21 January.
BSC volumes have also improved considerably so far in Q4. Volume peaked at $2.43 billion in the last 24 hours, which marked the second time this month that it surged past the $2 billion-mark.Despite the recent surge, volume was nowhere near the historic peak levels observed at the height of the bull market in 2021. Meanwhile, transaction count also grew from the 3 million daily transaction range in September, to over 5 million transactions.
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