Binance-linked wallets send net $7.5 billion USDT to Tether in 2026, Bitquery shows
In brief
- Binance-linked wallets sent $23.1 billion USDT to Tether in 2026 and received $15.6 billion back, Bitquery found.
- The $7.5 billion net outflow compares with a $6.4 billion net inflow during 2025.
- Binance's tracked Ethereum stablecoin holdings fell to $38.8 billion from $43.9 billion in April.
- Stablecoins moving between Ethereum and Tron may account for part of the activity, CryptoSlate says.
What Bitquery's data shows
Binance's identified Ethereum wallets hit a record $45.6 billion in stablecoins in November 2025 (more than triple their October 2024 balance), according to the Bitquery figures reported by CryptoSlate. Holdings were $43.9 billion in April. They slipped to $39.5 billion by July and stood at $38.8 billion on Oct. 22, the lowest level since September 2025.
That's a gradual decline over several months, not one big withdrawal.
The move was sharpest in Binance's largest cold wallet, which held about $28 billion in USDT at its peak and $16 billion on Oct. 22. Two other cold wallets added a combined $6.2 billion over the same stretch, and Bitquery accounted for those internal transfers in its aggregate math. Binance sent $16.6 billion in USDT to Tether's treasury in all of 2025. The first ten months of 2026 had already topped that.
Why it isn't a clean exit signal
Here's the catch. Ethereum accounted for $19.6 billion of the outgoing 2026 transfers, while $13.6 billion of the incoming USDT arrived on Tron. CryptoSlate wrote that part of Binance's treasury activity may involve moving stablecoins between blockchain networks.
Under Tether's issuance procedures, an exchange can return USDT on one network and receive equivalent tokens on another without reducing overall supply. Tether can also keep returned tokens in its treasury before reissuing or destroying them. The transactions don't, on their own, show how much USDT was redeemed for dollars versus moved between chains.
The two datasets measure different things, too. The wallet-balance figure tracks USDT and USDC in identified Ethereum addresses; the transaction figure captures USDT moving between Binance and Tether on Ethereum and Tron.
Neither measure establishes how much customer capital has permanently exited the market.
The Bitcoin angle
CryptoSlate tied the findings to questions about buying power on the exchange as Bitcoin struggles to regain momentum around $80,000. That link is the outlet's analysis, not an established cause and effect. Actual redemptions that pull USDT out of circulation can shrink the stablecoin pool used to trade Bitcoin and other digital assets, if new issuance doesn't replace the withdrawn funds.
CryptoSlate said further declines in Binance's holdings, alongside a sustained contraction in circulating USDT supply, would strengthen the case that stablecoin purchasing power is weakening. Binance's own position isn't quoted in the report.
Frequently asked questions
Does Binance's net USDT outflow to Tether mean money left crypto?
Not necessarily. The transactions don't on their own show how much USDT was redeemed for dollars versus moved between networks. Under Tether's issuance procedures, exchanges can return USDT on one network and receive equivalent tokens on another without reducing overall supply.
Why might the Binance flows reflect moves between Ethereum and Tron?
Ethereum accounted for $19.6 billion of Binance's outgoing 2026 transfers to Tether, while $13.6 billion of incoming USDT arrived on Tron. CryptoSlate wrote that part of Binance's treasury activity may involve moving stablecoins between blockchain networks.
