XRP reserves on Binance drop to 2.78 billion XRP amid worrying trend
The world's largest crypto exchange, Binance, has released its latest proof-of-reserves report, and it contains some interesting and unexpected data. According to the 22nd monthly report with a snapshot of Sept. 1, the assets of Binance users are 605,000, down 1.27%, and Ethereum assets are 4.486 million, down 4.58% from the last time, a decrease of 215,000 ETH. Meanwhile, the user's USDT assets are 22.11 billion, up 4.34% from the last time, an increase of 919 million USDT.
As we can see, the trend with major cryptocurrencies and Binance users is that the holdings in them are decreasing, while stablecoins are increasing. This may be due to the fact that users are cashing out and selling their cryptocurrency for USDT and other options such as FDUSD. Holdings of the latter increased even more - up to 2.23 million coins, which is 59.2% higher than the previous month.untouched. Thus, users holding the seventh largest cryptocurrency decreased to 2.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management. He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.
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