Binance sees the largest outflow of stablecoins in 24 hours Binance sees the largest outflow of stablecoins in 24 hours
While Binance has recently gone through an outpouring of stablecoins, Nansen estimates it still holds $30 billion worth of stablecoins
1 min read
Updated: Dec. 13, 2022 at 11:51 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto exchange Binance faced the largest stablecoin (BUSD+USDT+USDC) outflows in 24 hours, amounting to $2.159 billion.
Despite the recent wipeout, Nansen estimates that Binance still holds $30 billion worth of stablecoins, whereas the value of the total assets sits at $58.79 billion. The BUSD amount represents 26.38%, and the USDT amount represents 21.17% of the total assets.
In addition to stablecoins, Binance saw over $2B in net outflows since Dec. 12 in Ethereum-based token withdrawals. The world’s largest exchange also saw the highest Bitcoin withdrawals: 39,637 BTC were wiped out on one day alone from Binance. In the last 24 hours, Binance has seen a net outflow of 1.9 billion dollars, about half of what was seen a week ago.
A high outflow of assets could demonstrate a lack of trust among users for the centralized exchange due to the ongoing FUD surrounding Binance.
Even so, the Binance CEO, Changpeng Zhao remains undeterred, saying the Exchange has experienced high withdrawals in the past.
However, according to a CryptoSlate source, “Binance is safe” since the exchange only reported a fraction of its assets. The source suggests “greater transparency” from Binance while suggesting that the exchange is likely much better off than it seems.
Mentioned in this article
Author 
Soumen Datta
Soumen is a dedicated researcher and writer in the field of cryptocurrencies, DeFi, NFTs, and GameFi projects.
Latest Bitcoin Stories
Featured Story
Advertise Here
In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,464.43
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.