Binance and Bybit Stablecoin Reserves Decline by Nearly $2.3 Billion Over the Past Month

According to CryptoQuant analyst Darfost, Binance and Bybit recorded a combined reduction of approximately $2.3 billion in stablecoin reserves over the last month, reflecting substantial outflows from both exchanges.

Specifically, Binance’s stablecoin reserves dropped by approximately $1.55 billion, while Bybit recorded approximately $786 million in stablecoin outflows, bringing the total decline across both platforms to nearly $2.3 billion.

Darfost said the decrease could partly reflect user migration in Europe following the implementation of the Markets in Crypto-Assets (MiCA) framework. The analyst also pointed to weaker fresh capital inflows and the movement of stablecoins into self-custody wallets or on-chain yield products as possible contributing factors. 

However, the analyst noted that the ultimate destination of the funds has not been confirmed.

Source: Darkfost