Binance sees the largest outflow of stablecoins in 24 hours

Hull Invest

Cryptocurrency exchange Binance faced the largest stablecoin (BUSD+USDT+USDC) outflow in 24 hours, reaching $2.159 billion.

Binance stablecoin withdrawal

Despite the recent cleanup, Nansen estimates that Binance still holds $30 billion worth of stablecoins, while its total assets are worth $58.79 billion. The BUSD amount represents him 26.38% and the USDT amount represents his 21.17% of total assets.

In addition to stablecoins, Binance has seen $2 billion net outflow Withdrawal of Ethereum-based tokens since December 12th. The world’s largest exchanges also saw the highest Bitcoin withdrawals. 39,637 BTC Destroyed in just one day from Binance. In the last 24 hours, Binance has confirmed his $1.9 billion net outflow. That’s about half what we saw a week ago.

The massive exodus of assets may indicate a lack of trust among users for centralized exchanges due to the ongoing FUD surrounding Binance.

Still, Binance CEO Changpeng Zhao is unfazed, saying the exchange has experienced large withdrawals in the past.

However, according to CryptoSlate sources, “Binance is safe” because the exchange only reports a fraction of its assets. Sources have hinted at “greater transparency” from Binance, while suggesting that the exchange is likely to do much better than it looks.

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