Binance’s USDT flows with Tether swing $14 billion as stablecoin balances fall

24 Oct 2026

24 Oct 2026, 03:29 UTC+02:00

Stablecoins are the fuel for crypto trading, and the biggest exchange appears to be holding less of them. An investigation by blockchain analytics firm Bitquery, published on 22 October and reported by CryptoSlate, found that Binance’s USDT flows with Tether have swung by nearly $14 billion.

The numbers

Binance linked wallets sent $23.1 billion in USDT to Tether during 2026 and received $15.6 billion, a $7.5 billion net balance toward the issuer. In all of 2025, the exchange had a $6.4 billion net inflow. Binance’s tracked Ethereum stablecoin holdings fell from $43.9 billion in April to $38.8 billion on 22 October, the lowest since September 2025, after peaking at $45.6 billion in November 2025. The largest cold wallet dropped from about $28 billion in USDT at its peak to $16 billion, though two other cold wallets gained a combined $6.2 billion, which Bitquery accounted for.

Redemptions or chain swaps?

There is an important caveat. Most of this year’s outgoing USDT went out on Ethereum ($19.6 billion), while $13.6 billion of incoming USDT arrived on Tron. Under Tether’s procedures, exchanges can return tokens on one network and receive them on another without changing total supply. So the data does not show how much was actually redeemed for dollars and how much simply moved between chains. Neither measure proves that customer capital has permanently left the market.

Why it matters for Bitcoin

The question matters because Bitcoin is struggling to hold a recovery around $80,000 to $81,000. If stablecoins are being redeemed and not replaced, the pool of dollar buying power shrinks. Further declines in exchange balances alongside falling USDT supply would strengthen that case; new deposits or fresh issuance would point the other way.

What it means for traders

• Watch stablecoin supply: total USDT and USDC supply is a useful gauge of market liquidity.
• Do not over-read single wallets: internal exchange movements and chain swaps are common.
• Diversify venues: compare exchange reserves and safety in our exchange comparison and our testing methodology, including our BingX review and OKX review reviews. Not financial advice.

Related reviews

• Bingx review
• Okx review

Sources

• CryptoSlate: Bitcoin's $80,000 recovery faces liquidity questions as Binance's Tether flows swing $14 billion

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