USDT's current market performance shows the feature of 'simultaneous liquidity release and supply adjustment': recently, large net withdrawals from exchanges have occurred alongside Tether's large-scale issuance and destruction, reflecting a shift towards more cautious short-term risk preferences among institutions and overall more flexible fund management. USDT's peg stability has been strengthened in the short term; however, local liquidity contraction may trigger increased volatility risk. It is recommended to monitor the sustainability of net outflows and supply changes. If exchange inventories fall below 4.5 billion USDT or issuance slows, this could signal liquidity shortages and heightened market volatility. Accordingly, it is necessary to dynamically adjust stablecoin positions and leveraged risk exposure.

Recent data shows that USDT has experienced consecutive large net withdrawals on major exchanges. From single-day outflows of $129 million to concentrated transfers in the tens of millions, this indicates market participants are adjusting their stablecoin holdings or preparing for upcoming asset rebalancing. Large funds moving from centralized exchanges to self-hosted wallets, DeFi protocols, or OTC markets typically weaken USDT’s availability on exchanges in the short term, resulting in localized funding tightness, but may also offer greater flexibility for OTC trading and leveraged hedging. In the short term, such withdrawals release some potential selling pressure, helping stabilize price, but if the trend intensifies, caution is needed regarding the risk of growing liquidity gaps leading to increased market volatility.

Santiment reported that Ethereum-based Tether (USDT) experienced its largest exchange net outflow in nearly three months, with $1.29 billion withdrawn on Friday. Such significant outflows typically indicate institutional or whale investors moving funds to self-custody wallets, DeFi protocols, or OTC platforms for larger operations, representing fund reallocation rather than exit from the ecosystem. Past outflow peaks have preceded notable market movements.

Santiment: Ethereum On-Chain USDT Records Largest Exchange Net Outflow in Nearly Three Months This Friday

According to ChainCatcher and Coinglass data, Binance experienced a net outflow of 932 million USDT in the past 24 hours.

Data: Binance net outflow of 932 million USDT in the past 24 hours

According to ChainCatcher and Coinglass data, on May 12 at 11:54, 1 billion USDT was transferred out from Binance to an unknown wallet.

Data: 1B USDT transferred out of Binance detected

Monitoring data shows that Tether recently issued nearly 6 billion USDT on Ethereum and Tron networks, while also destroying approximately 2 billion USDT on Ethereum. This bi-directional supply adjustment mechanism demonstrates Tether’s flexibility in rapidly responding to market demand. Issuances help meet the needs of DeFi and OTC funds, supporting activity on-chain; corresponding destruction occurs when demand wanes, reclaiming excess liquidity and maintaining the peg stability. Overall, these actions reinforce USDT's short-term value anchor properties and lower the risk of volatility caused by oversupply.

Tether has minted 6 billion USDT on the Ethereum and Tron networks in the past 3 weeks, while 2 billion USDT were burned on the Ethereum chain during the same period, according to Onchain Lens monitoring.

Tether has minted 6.00B USDT on the Ethereum and Tron networks in the past 3 weeks.

On May 11, Tether Treasury minted 1B new USDT on the Tron blockchain, equivalent to about 999.6M USD, as reported by Whale Alert.

Tether Treasury minted 1,000,000,000 new USDT on the Tron blockchain.

Certain addresses rapidly deposit large amounts of USDT and swiftly withdraw them, reflecting the position management strategies of institutions or whales during market fluctuations. On one hand, such activity may reserve flexibility to capture opportunities for allocation in other digital assets, demonstrating continued willingness to invest in risk assets; on the other, concentrated withdrawals may represent precaution against market uncertainty, having some marginal impact on USDT’s market depth in the short term. Considering fluctuations in other digital asset ETFs and macro factors, current institutions prefer more flexible fund management over simple selling, with short-term sentiment becoming cautiously neutral.

Nova Merged USDT (zkLink)

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