Less than $30B of stablecoins now sit on exchanges, wiping out all of 2022’s gains Insights Stablecoins
Less than $30B of stablecoins now sit on exchanges, wiping out all of 2022’s gains
Stablecoins on exchanges have seen a $15B drawdown in the past 4 months
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- In the past four months, almost $15 billion worth of stablecoins has been withdrawn from exchanges.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.
Analyst 
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.
In this insight
BUSD is a stablecoin issued by Paxos in partnership with Binance..
Tether
$1.00010
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
USD Coin
$1.00012
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium.
Dai
$1.00010
Dai (DAI) is a cryptocurrency token and operates on the Ethereum platform.
