An investigation by Bitquery published on October 22, 2026, found that Binance-linked wallets transferred $23.1 billion in USDT to Tether in 2026 while receiving $15.6 billion, resulting in a net $7.5 billion balance directed toward the issuer. This reversed the net $6.4 billion inflow recorded throughout 2025. Stablecoin holdings in Binance’s identified Ethereum wallets declined from $43.9 billion in April to $38.8 billion on October 22, while the largest cold wallet fell from roughly $28 billion to $16 billion. Blockchain transfers between networks and the possibility of reissuing returned tokens to Tether, however, prevent a precise determination of how much represented dollar redemptions. As Bitcoin struggles to hold around $80,000, a further contraction in Binance’s holdings and the circulating USDT supply could signal a weakening in the purchasing power available to the market.
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