Stablecoin withdrawals reach almost $500M in wake of BUSD news

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 and USDC.

Quick Take

The recent news of the SEC vs. Paxos and Paxos halting BUSD minting has seen roughly $500 million of stablecoins being withdrawn from exchanges.
This has left roughly $35.5 billion of stables on exchanges, a decrease of roughly $500 million from Feb. 12.
Year to date, roughly $2 billion of stablecoins have been withdrawn from exchanges.
CryptoSlate reported that these outflows of stablecoins were going into Bitcoin. However, these redemptions have slowed down significantly.

Stables, balance on exchanges: (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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