After FTX Crash, Stablecoin Exodus? Tether, USDC See Heavy Exchange Outflows

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 USD Coin (CRYPTO: USDC) deposits to BUSD.

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Meanwhile, USDC is seeing some large moves, with over 939 whales having withdrawn $100,000 USDC each on Wednesday. Tether (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.

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