Which stablecoins left exchanges today?

TLDR

Todays exchange data points to broad stablecoin outflows rather than a single ticker leaving; inflows clustered on TON, Ethereum, and Polygon, while Solana and Tron showed outflows per a media analysis this week.

1. Aggregate exchange outflows slowed to about $85 billion versus $94 billion in November, per Nansen cited in a market piece.
2. On venues, TON, Ethereum, Polygon saw stablecoin inflows; Solana, Tron saw outflows, per the report above.
3. Binance recorded nearly $1.9 billion net stablecoin outflows over 30 days, signaling caution, per the same analysis.

Deep Dive

1. Broad Outflows

The signal today is market?wide: most major stablecoins moved off exchanges rather than a single named coin dominating flows. The article notes investors are choosing safety and yield, keeping capital in stablecoins while withdrawing from exchanges, with overall stablecoin supply up about $509 million week over week per the analysis.

• Aggregate stablecoin outflows remain high but have slowed to ~$85 billion from ~$94 billion in November per Nansen cited in a market write?up.
• The theme is defensive positioning: capital stays in stables, away from order books, awaiting clearer conditions per the report.

2. Chain Split

Flows diverged by network: stablecoin inflows appeared on TON, Ethereum, Polygon, while trading?heavy Solana and Tron showed outflows, per the same media analysis.

1. Inflows to TON suggest liquidity preference for settlement?focused rails per the piece.
2. Outflows from Solana and Tron align with de?risking from venues closely tied to short?term trading, per the report above.

3. Exchange Signal

Exchange?level data underscores caution. The report highlights nearly $1.9 billion net stablecoin outflows at Binance over 30 days and a decline in ERC?20 stablecoin reserves across major exchanges, per the analysis.

• This is consistent with broader exchange outflow trends and a slower pace of aggregate outflows (~$85 billion) per Nansen cited in a market article.
• The behavior reduces immediate buy?side firepower on order books, a typical risk?off footprint per the same coverage.

Conclusion

No single stablecoin dominated leaving exchanges today. Flows were broad and defensive, with capital remaining in stables but moving off trading venues, and inflows favoring settlement?oriented chains. If netflows turn positive on major venues and risk chains, that would be an early sign of confidence returning.