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Number of Stablecoins Held on Exchanges Slips to 2-Year Low

Stablecoins' exchange balance drops to 2-year low as bitcoin rallies 70%. The number of stablecoins held in addresses tied to centralized exchanges has declined by 44% this year, reaching the lowest since May 2021. The decrease is attributed to increasing investor aversion to risk due to regulatory crackdowns on BUSD and USDC.

Tether (USDT) has become more dominant amid the decline in the exchange balance, while BUSD and USDC have lost ground. The dwindling stablecoin balance and bitcoin's price rise suggest a rotation of money out of stablecoins and into BTC. The market is yet to see new money inflows.

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