Binance, the world's largest cryptocurrency exchange, has published its latest proof-of-reserves report. This report reveals the ratio between customer net balances and the exchange's reserves. One key takeaway from the report is the notable surge in XRP reserves on the platform.
Over the past month, Binance customers have increased their cumulative net balance in XRP by 6%. This rise equals 165,386,790.313 XRP, bringing the total balance to 2.92 million XRP.
To match the growing customer demand, Binance raised its net balance by adding over 330 million XRP, currently valued at around $175 million. Consequently, the coverage ratio for XRP on Binance now stands at 100.66%.
The post "Binance Reports Significant XRP Reserves Increase Amid Shifting Stablecoin Trends" first appeared on 36crypto.com News.
