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Stablecoin withdrawals reach almost $500M in wake of BUSD news
Over $2 billion of stablecoins have been withdrawn year to date.
This article was published 3 years ago. Some details may no longer reflect current market conditions or recent developments. If you spot anything that needs an update, contact us.
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The recent news of the SEC vs. Paxos and Paxos halting BUSD minting has seen roughly $500 million of stablecoins being withdrawn from exchanges.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- Year to date, roughly $2 billion of stablecoins have been withdrawn from exchanges.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.
Market Cap $37.84M
24H Volume $527.33K
