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Binance Sees the Largest Outflow of Stablecoins in 24 Hours

While Binance has lately seen an influx of stablecoins, Nansen believes that it still has $30 billion in stablecoins.

Binance had the greatest stablecoin (BUSD+USDT+USDC) outflows in 24 hours, totaling $2.159 billion.

Despite the latest wipeout, Nansen believes that Binance still has $30 billion in stablecoins, for a total asset value of $58.79 billion. The BUSD amount accounts for 26.38% of total assets, while the USDT amount accounts for 21.17%.

Aside from stablecoins, Binance has seen over $2 billion in net outflows in Ethereum-based token withdrawals since December 12. Binance, the world’s biggest exchange, also experienced the most Bitcoin withdrawals: 39,637 BTC were wiped away in a single day. Binance has experienced a net outflow of 1.9 billion dollars in the previous 24 hours, almost half of what was recorded a week ago.

A large outflow of funds may indicate a lack of faith among users in the controlled exchange as a result of the continuous FUD surrounding Binance.

Nonetheless, Binance CEO Changpeng Zhao is unfazed, claiming that the exchange has previously witnessed significant withdrawals.

However, “Binance is secure,” according to a CryptoSlate insider, since the exchange only disclosed a portion of its assets. The insider proposes that Binance provide “more openness,” implying that the exchange is likely considerably better financially than it seems.

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