Popular stablecoins are pulling off exchanges as the cryptocurrency industry continues to chug after FTX FTT/USD collapse.

What happened: According to this, over $23 billion in stablecoins have left cryptocurrency exchanges since March 2022 Santiment Insights.

The market capitalization of Binance USD USD/USD rose to $55 billion on November 16 from $47 billion in September. It’s been coming ever since binance announced that it will be automatically converted USD coin USDC/USD Deposits to BUSD.

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Meanwhile, USDC is seeing some big moves, with over 939 whales withdrawing 100,000 USDC each on Wednesday. tether USDT/USD is now the least preferred stablecoin, according to data obtained from Santiment. The stablecoin issuer said on Wednesday that it had no exposure to institutional cryptocurrency lender Genesis or the Gemini Earn program, which halted withdrawals.

It should be noted that the market cap of the big stables peaked at $134.07 billion in March. Since then it’s been downhill, accelerated through the Federal Reserve’s first 75 bps hike announcement in June. The current stablecoin market cap is $110 billion, according to Santiment Insights.

Price promotion: FTX is trading at $1.65, down 9.45% in the last 24 hours, according to Benzinga Pro.

Continue reading: Bitcoin, Ethereum, Dogecoin weak as FTX fallout fears deepen – but this trader sees a ‘huge opportunity to stash crypto’