Less than $30B of stablecoins now sit on exchanges, wiping out all of 2022’s gains

exchange68September 13, 2024

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Definition

The total amount of coins held on exchange addresses.

STBL is a virtual asset that aggregates the data of all ERC20 stablecoins supported on Glassnode, thereby creating a metric that sums up all exchange balances across stablecoins.

Stablecoins included are: BUSD, GUSD, HSUD, DAI, USDP, EURS, SAI, sUSD, USDT, USDC.

Quick Take

Less than $30 billion worth of stablecoins now sits on exchanges, the lowest amount since December 2021.
In the past four months, almost $15 billion worth of stablecoins has been withdrawn from exchanges.
Most withdrawals have come from BUSD, but USDC and USDT have also seen withdrawals from exchanges recently.
We expect this trend to continue as the economy heads risk-off and redemptions occur from stablecoins into fiat.

Stablecoin exchange Balance: (Source: Glassnode)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

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