Stablecoins Like USDT and USDC  Moving out of Gemini And Major Exchanges! What’s Next?

The post Stablecoins Like USDT and USDC  Moving out of Gemini And Major Exchanges! What’s Next? appeared first on Coinpedia Fintech News

The impact of the FTX collapse has been spreading significantly over the other platforms as more number of them are restricting users’ activity, failing to carry out their business as usual. While some of the platforms who denied earlier have admitted to their platform’s exposure to the FTX crisis. 

Therefore, many such platforms are soon expected to open up about their financial stands and exposure to FTX. 

In a recent update, the world’s largest exchange Gemini owned by the Winklevoss brothers appear to b in deep trouble as they halt user withdrawal. Meanwhile, they deny being exposed to the Genesis crisis but halting user withdrawals says it all. Hence the larger institutions and maybe whales are pulling out of the exchange. 

As per the report, the Gemini staking service may soon shut down and this has compelled the users to quit the platform. The platform witnessed the largest withdrawal movement ever as stablecoins worth more than $300 million exited from the Gemini reserve. 

On the other hand, the major stablecoins are also moving out of the exchanges. As per a popular on-chain analytical platform, Santiment, a huge drop in USDT, USDC & BUSD holdings in the reserves of the exchanges has been recorded following the FTX collapse. 

With the recent FTX fallout, more money is flowing out of the crypto space. It is quite evident that the large institutions or even the whales may have transferred their holdings from the exchanges and moved them to self-custody.  This is believed to have a larger impact on the crypto space as stablecoins are believed to be the highest-traded entity on daily basis.