Binance sees the largest outflow of stablecoins in 24 hours

While Binance has recently gone through an outpouring of stablecoins, Nansen estimates it still holds $30 billion worth of stablecoins

Cover art/illustration via CryptoSlate

Crypto exchange Binance faced the largest stablecoin (BUSD+USDT+USDC) outflows in 24 hours, amounting to $2.159 billion.

Despite the recent wipeout, Nansen estimates that Binance still holds $30 billion worth of stablecoins, whereas the value of the total assets sits at $58.79 billion. The BUSD amount represents 26.38%, and the USDT amount represents 21.17% of the total assets.

In addition to stablecoins, Binance saw over $2B in net outflows since Dec. 12 in Ethereum-based token withdrawals. The world’s largest exchange also saw the highest Bitcoin withdrawals: 39,637 BTC were wiped out on one day alone from Binance. In the last 24 hours, Binance has seen a net outflow of 1.9 billion dollars, about half of what was seen a week ago.

A high outflow of assets could demonstrate a lack of trust among users for the centralized exchange due to the ongoing FUD surrounding Binance.  

Even so, the Binance CEO, Changpeng Zhao remains undeterred, saying the Exchange has experienced high withdrawals in the past.

However, according to a CryptoSlate source, “Binance is safe” since the exchange only reported a fraction of its assets. The source suggests “greater transparency” from Binance while suggesting that the exchange is likely much better off than it seems.