© Reuters. After FTX Crash, Stablecoin Exodus? Tether, USDC See Heavy Exchange Outflows — But This One Remains Unscathed
Benzinga – Popular stablecoins are moving off exchanges, as the cryptocurrency industry continues to roil following the FTX (CRYPTO: FTT) collapse.
What Happened: Over $23 billion in stablecoins have exited cryptocurrency exchanges, since March 2022, according to Santiment Insights.
The market cap of Binance USD (CRYPTO: BUSD) jumped from $47 billion in September to $55 billion, as of Nov.16. This comes ever since Binance announced it will auto-convert (CRYPTO: USDC) deposits to BUSD.
See More: Best DeFi Yield Farms
Meanwhile, USDC is seeing some large moves, with over 939 whales having withdrawn $100,000 USDC each on Wednesday. (CRYPTO: USDT) is now the least preferred stablecoin, as per data received from Santiment. The stablecoin issuer said on Wednesday that it had no exposure to institutional cryptocurrency lender Genesis or the Gemini Earn program, which have halted withdrawals.
It should be noted that major stables’ market cap peaked at $134.07 billion in March. Since then, it has been a downward slope, accelerated by the Federal Reserve’s first 75 bps hike announcement in June. The current stablecoin market cap stands at $110 billion, as per Santiment Insights.
Price Action: FTX is trading at $1.65, down 9.45% in the last 24 hours, according to Benzinga Pro.
Read Next: , , Weak As FTX Fallout Fears Deepen — But This Trader Sees ‘Giant Opportunity’ To Stash Crypto
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.