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Stablecoin Withdrawals Reach Almost $500M in Wake of BUSD News

The total amount of coins held on exchange addresses. STBL is a virtual asset that aggregates the data of all ERC20 stablecoins supported on Glassnode, thereby creating a metric that sums up all exchange balances across stablecoins. Stablecoins included are: BUSD, GUSD, HSUD, DAI, USDP, EURS, SAI, sUSD, USDT and USDC.

The recent news of the SEC vs. Paxos and Paxos halting BUSD minting has seen roughly $500 million of stablecoins being withdrawn from exchanges.

This has left roughly $35.5 billion of stables on exchanges, a decrease of roughly $500 million from Feb. 12.

Year to date, roughly $2 billion of stablecoins have been withdrawn from exchanges.

CryptoSlate reported that these outflows of stablecoins were going into Bitcoin. However, these redemptions have slowed down significantly.

Related News:

BUSD Depegs From Rival Stablecoin Tether After US Regulator Tells Paxos to Stop Minting New Tokens

Binance Coin Dumps Below $300 Following News From US Regulators

Crypto Firm Paxos To Stop Issuing Dollar-Pegged Binance Token

SEC To Sue Crypto Trust Co. Paxos Over Binance Stablecoin

Crypto Firm Paxos To Stop Issuing Dollar-Pegged Binance Token

PayPal Pauses Stablecoin Project Amid Paxos Probe

New York Regulator Launches Investigation into Stablecoin Issuer Paxos

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