According to the data analysis of the blockchain analysis company Glassnode, Binance’s stablecoin reserves have decreased significantly, from more than US$26 billion in November 2022 to the current US$6.5 billion (a drop of up to 75%).
This decline was largely driven by the SEC complaint against BUSD, which caused BUSD issuer Paxos to switch to a redemption-only model.
Also, for Coinbase, the change in net reserves was much smaller, with stablecoin balances flat for the week and BTC balances falling by only 2,300 coins (0.5% of the total).