As the world reacts to the spread of the coronavirus pandemic, many businesses are shutting down. The global economy is in turmoil as everyone strives to hold onto what they have while governments attempt to curb the spread of the virus. However, there is some good news coming out of the crypto space.
As of March 24, Binance has at least $1 billion in ERC-20-based stablecoins. This amount surpasses by far the amount that is held by second-placed Huobi. Binance has $1,007,585,549 of these stablecoins at this moment. This amount has grown by around $105,583,132 over the past seven days, as published in the global stablecoin exchange balance by Nansen.
Data shows that Huobi’s balance is a little bit more than half that amount of Binance standing at$694,327,505. But, that figure represents a growth of $165,823,720 in the same seven days as Binance.
These companies are uniquely leading the pack in the stablecoin balance scene. In third place is Bitfinex, which fell from $66 million to reach around $58,997,388, and in fourth place is Bittrex, which has approximately $50,927,291.
Binance Dollar Surpassing the $100 Million Market Cap
This information comes in the wake of the Binance Dollar recently surpassing $100 million market capitalization. It is the first stablecoin to exceed that value based on a March 10 report.
At the time, Changpeng Zhao, Binance’s CEO, commented:
“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.”
For now, as the world remains uncertain about the direction it will take due to COVID-19, investors seem to be turning to haven assets. It looks like cryptos and digital assets are turning out to be safe investments in global economic downturns. Nonetheless, nobody knows what the future holds, and everyone is in a wait-and-see mode.