Binance's Ethereum wallet stablecoin holdings decreased by $5 billion since the end of April, according to blockchain analytics firm Bitquery. The reduction in USDT and USDC balances occurred over approximately six months through October 22. Bitquery's analysis identified significant redemption flows from Binance to Tether's treasury wallets, with $23.1 billion USDT sent compared to $15.6 billion received in new issuance during the tracking period.
Binance Ethereum Wallet Balance Drops $6.8 Billion from November Peak
Bitquery reported on October 22 that USDT and USDC stored in Binance's Ethereum wallets totaled $38.8 billion, down from a November 2025 peak of $45.6 billion. The decline represents a $6.8 billion decrease and a 14.9% reduction rate. The analytics firm stated the decrease occurred over approximately six months starting from the end of April.
OKX Stablecoin Holdings Decline 44% Since December
OKX experienced a steeper decline rate in stablecoin balances. USDT and USDC in Ethereum wallets identified as belonging to OKX decreased approximately 44%, from $10.9 billion in December 2025 to $6.1 billion as of October 22. Bitquery analyzed that funds exiting OKX's custody wallets moved through withdrawal wallets before reaching customers.
Binance Sends $23.1 Billion USDT to Tether Treasury Through October 22
Bitquery detected fund flows from Binance to stablecoin issuers. Through October 22, Binance sent $23.1 billion USDT to Tether treasury wallets on Ethereum and Tron networks. This amount exceeded the $15.6 billion received through new issuance during the same period by $7.5 billion. Bitquery interpreted transfers to Tether treasury wallets as redemption flows where USDT is returned in exchange for dollars. The report specified that on-chain records confirm token movement paths but cannot verify specific transaction terms for individual transfers. The analysis covered exchange wallet balances identified from October 2024 through October 22.
FAQ
What did Bitquery report about Binance's stablecoin balances on October 22?
Bitquery reported that USDT and USDC in Binance's Ethereum wallets decreased by $5 billion since the end of April, with current balances at $38.8 billion as of October 22.
How much USDT did Binance send to Tether's treasury wallets?
Binance sent $23.1 billion USDT to Tether treasury wallets on Ethereum and Tron through October 22, which was $7.5 billion more than the $15.6 billion received in new issuance during the same period.
