Binance and Bybit experienced combined $2.3B in stablecoin outflows over 30 days, driven by MiCA migration, weaker inflows, and user movement to self-custody and onchain yield.
DeFi & Yields ·
Binance and Bybit experienced combined stablecoin outflows of approximately $2.3 billion over a 30-day period, according to analysis by CryptoQuant. Binance's stablecoin reserves declined by roughly $1.55 billion while Bybit saw outflows of about $786 million, as reported by analysts monitoring on-chain data.
The outflows appear connected to multiple factors operating simultaneously. European regulatory migration tied to MiCA requirements, a slowdown in fresh capital inflows to both platforms, and the movement of stablecoins into self-custody arrangements or onchain yield-generating protocols may all be contributing to the pattern observed.
The precise destination of the withdrawn stablecoins remains unclear. While the underlying causes point to regulatory, structural, and user preference shifts, complete confirmation of where these funds have moved or whether they remain in the sector is not yet established.