Data analyzed by crypto slate Analysts have revealed that around $4 billion worth of stablecoins have been expelled from exchanges over the past seven days, leaving $38 billion in volume.
This analysis is based on STBL data, a virtual asset that aggregates data for 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) included. ), US dollar coin (USDC).
The green line in the graph below reflects the total amount of stablecoins included in the STBL indicator held by exchanges since early 2018.
According to data, the exchange began accumulating stablecoins at an increasing rate in January 2021. Growth has been more or less stable since then, except for late 2021 and a few dips in he 2022.
The chart also shows visible drawdowns recorded over the past week. Exchange users have purchased approximately $4 billion worth of stablecoins and removed them from the exchange’s portfolio.
USDC vs USDT
When it comes to the market share of stablecoins on exchanges, according to a recent analysis: crypto slate USDT made it clear that they are leading.
According to September 2022 figures, USDT balances on exchanges have doubled from just below $8 billion in September 2021 to reach $17.7 billion. USDT has been available on exchanges since early 2019, but it wasn’t until 2021 that its share began to grow exponentially.
Also, USDC has been growing its market share since the beginning of 2021, reaching $7 billion by early 2022. That dominance did not last, however, as it plummeted to $2.1 billion by September 2022.