<p class="is-style-lead">Data from Glassnode, a crypto intelligence provider, shows that there is a noticeable accumulation of <a href="https://crypto.news/price/binance-usd/">BUSD</a>, <a href="https://crypto.news/price/usd-coin/">USDC</a>, and <a href="https://crypto.news/price/tether/">USDT</a> across top centralized exchanges like Binance and Coinbase.</p>



<p>On May 29, the provider reveals that BUSD&#8217;s transaction volume recently hit a 1-month high of $1,067.80, suggesting that more users are using the token..</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="738" height="677" src="https://crypto.news/app/uploads/2023/05/BUSD-median-transaction-volume-May-29.png" alt="Users accumulating stablecoins as bitcoin and crypto prices rally - 3" class="wp-image-14162432"><figcaption class="wp-element-caption">BUSD median transaction volume &#8211; May 29 | Source: <a href="https://twitter.com/glassnodealerts/status/1663081656939323393?s=20" target="_blank" rel="noopener">Twitter</a></figcaption></figure>



<p>This spike in activity is despite the uncertainty pertaining to BUSD&#8217;s future. Paxos, the firm responsible for the minting of BUSD, stopped minting new tokens in Q1 2023 after receiving an order from the New York Department of Financial Services (NYDFS).</p>



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<p>Responding to the disclosure, the CEO of Binance, Changpeng Zhao assured users that token redemption will be &#8220;fully covered&#8221; from reserves held by Paxos. </p>



<p>Afterward, Binance shifted its focus to TrueUSD (TUSD), a stablecoin.</p>



<p>Meanwhile, Glassnode data shows that the number of USDC exchange withdrawals on a 7-day moving average have dropped to 158.685. This marks the lowest value seen this year, and the lowest in the past five months.</p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="732" height="772" src="https://crypto.news/app/uploads/2023/05/USDC-exchange-withdrawals-May-29.png" alt="Users accumulating stablecoins as bitcoin and crypto prices rally - 4" class="wp-image-14162433"><figcaption class="wp-element-caption">USDC number of exchange withdrawals &#8211; May 29 | Source: <a href="https://twitter.com/glassnodealerts/status/1663051441467006976?s=20" target="_blank" rel="noopener">Twitter</a></figcaption></figure>



<p>This may indicate that more holders, mostly traders, are opting to custody their stablecoins in exchanges, leveraging them for trading and other CeFi-related activities. </p>



<figure class="wp-block-image size-full"><img decoding="async" loading="lazy" width="738" height="767" src="https://crypto.news/app/uploads/2023/05/USDT-percent-supply-May-29.png" alt="Users accumulating stablecoins as bitcoin and crypto prices rally - 5" class="wp-image-14162434"><figcaption class="wp-element-caption">USDT supply held by the top 1% wallets &#8211; May 29 | Source: <a href="https://twitter.com/glassnodealerts/status/1663006141935149060?s=20" target="_blank" rel="noopener">Twitter</a></figcaption></figure>



<p>The USDT is also on an upward trend. According to Glassnode, the top 1% of USDT holders own 93.998% of the stablecoin&#8217;s total supply. USDT is the largest and liquid stablecoin by market cap. As of May 29, it had a market cap of $83.1 billion and was more valuable than the Binance ecosystem.</p>



<p>The shift  in stablecoins&#8217; trend in centralized exchanges coincides with price expansions of top coins, mostly bitcoin (BTC). </p>



<p>As of May 29, BTC is trading at $27,895, up roughly 3% in the past week.</p>



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Users accumulating stablecoins as bitcoin and crypto prices rally

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