Less than $30B of stablecoins now sit on exchanges, wiping out all of 2022’s gains

meaning

Total amount of coins held at the exchange address.

STBL is a virtual asset that aggregates data from all ERC20 stablecoins supported by Glassnode, creating a metric that sums all exchange balances across stablecoins.

Included stablecoins are BUSD, GUSD, HSUD, DAI, USDP, EUR, SAI, sUSD, USDT and USDC.

quick take

• Stablecoins currently on exchanges are worth less than $30 billion, the lowest amount since December 2021.
• Over the past four months, approximately $15 billion worth of stablecoins have been withdrawn from exchanges.
• Most withdrawals come from BUSD, but recently USDC and USDT have also been seen withdrawing from exchanges.
• We expect this trend to continue as the economy moves towards risk-off and redemption from stablecoins to fiat currencies.

There are currently less than $30 billion in stablecoins on exchanges, wiping out all of the 2022 profits that first appeared on CryptoSlate.