Crypto exchange Binance sold its USD Coin (USDC) reverses for Bitcoin (BTC) and Ether (ETH) amid the collapse of Silvergate Bank, reveals latest proof-of-reservers data. Cryptocurrency trading activity via Telegram bots has surged in recent weeks, according to new research from Binance. PayPal (NASDAQ:PYPL) launched a new US dollar-backed stablecoin called PayPal USD (PYUSD) — issued by Paxos Trust Co.
Binance’s latest proof-of-reserves (PoR) from Aug. 1 revealed that the crypto exchange converted its USD Coin (USDC) reserves into Bitcoin (BTC) and Ether (ETH) right after the collapse of Silvergate Bank.