According to data examined by analysts from CryptoSlate, during the last seven days, almost $4 billion worth of stablecoins have been removed from exchanges, leaving a volume of $38 billion.
Based on the STBL data, compiled information from all ERC20 stablecoins to provide a measure that can represent stablecoin balances across all cryptocurrency exchanges.
STBL consists of the following digital currencies: Gemini Dollar (GUSD), Binance USD (BUSD), Gemini Dollar (HUSD), Paxos Standard (USDP), Stasis Euro (EURS), SAI (SAI), Synthetix USD (sUSD), Tether (USDT), and USD Coin (USDC).
The total amount of stablecoins included in the STBL measure held on exchanges since the start of 2018 is shown by the green line on the graph below.
The data shows that stablecoin accumulation by exchanges began to increase in January 2021. Since then, the growth has been largely consistent, with a few dips in late 2021 and early 2022.
The figure also reveals a discernible decline that occurred throughout the previous week. Stablecoins worth $4 billion were acquired by exchange customers, who then withdrew them from the exchanges' holdings.