Binance releases reserves report

Cryptocurrency exchange Binance spent tenth audit of reserves held on the exchange.

According to the data provided, 588,171 BTC and 3.89 million ETH are stored on the client accounts of the exchange. In addition, users hold 30.2 million BNB.

User assets in USDT stablecoins reached $15.44 billion, up 1% from the previous report.

In comparison, the USDC stablecoin is much less in demand among customers. Its amount on the exchange is $1.01 billion, which is more than 15 times less than USDT volumes on the platform.

Proof of Reserves is information about the holding of client assets on exchanges. This feature was launched on Binance in November 2022. It allows owners of bitcoins and other cryptocurrencies to make sure that the exchange stores all assets in full and provides them with the necessary reserves.

As a reminder, Binance will stop supporting the BUSD stablecoin in 2024. The crypto exchange urged users to convert it into other assets.

Source: Cryptocurrency

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