Data analyzed by CryptoSlate analysts revealed that around $4 billion worth of stablecoins left exchanges in the past seven days, leaving a volume of $38 billion.
This analysis is based on STBL data, which is a virtual asset that aggregates data from all ERC20 stablecoins to create a metric that can reflect stablecoin balances across all crypto exchanges.
Stablecoins Held on Exchanges
STBL includes Binance USD (BUSD), Gemini Dollar (GUSD), HUSD (HUSD), DAI (DAI), Paxos Standard (USDP), Stasis Euro (EURS), SAI (SAI), Synthetix USD (sUSD), Tether (USDT ) ), USD Currency (USDC).
The green line in the chart below reflects the total volume of the stablecoins included in the STBL metric that have been held on exchanges since early 2018.
Stablecoin balance on exchanges
According to the data, exchanges started accumulating stablecoins at an increasing rate in January 2021. Growth has been more or less stable since then, except for a few dips in late 2021 and 2022.
The graph also shows a visible reduction registered during the past week. Exchange users bought around $4 billion worth of stablecoins and removed them from exchanges’ wallets.
USDC vs. USDT
When it comes to the market shares of stablecoins found on exchanges, a recent analysis by CryptoSlate revealed that USDT has taken the lead.
According to figures from September 2022, the USDT balance on exchanges doubled to $17.7 billion, compared to September 2021, when it was just under $8 billion. USDT has been available on exchanges since the beginning of 2019, but its share started to grow exponentially only after 2021.
USDC has also been increasing its market share since the beginning of 2021. At the beginning of 2022, it stood at $7 billion. However, its dominance did not continue as it fell to $2.1 billion in September 2022.
Posted in: Analysis, Stablecoins
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This post $4 billion worth of stablecoins left exchanges in the last 7 days
was published first on https://cryptoslate.com/stablecoins-worth-4b-exited-exchanges-in-last-7-days/