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Stablecoin Balances on Centralized Exchanges Hit Lowest Level Since April 2021, Tether Continues to Grow

According to data from Glassnode analyzed by CryptoSlate, the volume of stablecoins held on centralized exchanges has dropped below $20 billion, the lowest since April 2021. The decline in stablecoin balances can be attributed to increased regulatory scrutiny and the collapse of several crypto-related firms.

BUSD and USDC have faced significant challenges, with their supply shrinking to $5.5 billion and $29 billion, respectively, while Tether's USDT has continued to grow, adding more than $15 billion to its market cap this year.

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