Trading volume of bitcoin and USDT, a dollar-pegged stablecoin, have surged in Russia and Ukraine's local currencies on Binance, since Russia invaded Ukraine.
Trading volume of bitcoin and so-called stablecoins have surged in Russia and Ukraine’s local currencies on Binance, since Moscow laid siege to Kyiv.
The trading volume of USDT, a dollar-pegged stablecoin, using Russia’s ruble, hit an all-time high on Monday at around $34.9 million on the world’s largest cryptocurrency exchange, Binance, according to data from Tradingview. Ruble is down about 25% against U.S. dollar since Monday, when the U.S. expanded its sanctions targeting Russia’s central bank. The currency is now changing hands at less than one U.S. cent.
In addition, on Feb. 24, the trading volume of bitcoin and USDT in Ukrainian hryvnia, also jumped to the highest level since October, respectively.
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