Binance’s USDT (TRC-20) netflow reached +$1.00B on Oct 9. Binance’s USDT (ERC-20) reserve fell to $37.48B the same day, its lowest in six months.

Tron USDT supply rose $988M on Oct 9, while Ethereum USDT supply fell $885M.

Oct 9 is the latest data point and may be revised. The “All Stablecoins” Binance series appears to cover ERC-20 tokens only, since its $42.05B reserve matches USDT-ERC20 plus USDC. Its -$860M netflow that day reflects one side of the move.

Combining both USDT legs changes the picture. Binance took in $1.00B on Tron and sent out $926M on Ethereum, for a net +$76M. Over seven days, combined USDT netflow was -$20M, and the combined reserve held near $39.27B.

The Tron side needed refilling. Binance’s TRC-20 reserve fell 46%, from $1.47B on Sep 28 to $0.79B on Oct 8, with six straight days of outflow. Oct 9 lifted it to $1.79B, above the Sep 28 level.

The shift comes as markets position ahead of US September CPI data.

One candidate explanation, unverified: Binance rebalanced inventory through a Tether chain swap, moving USDT from Ethereum to Tron after its Tron reserve ran low.

USDC shows a clearer contraction. Supply fell 14% in two weeks, from $18.51B on Sep 26 to $15.90B on Oct 9.

Taken together, the data suggest a change in where Binance holds USDT, not new buying power arriving. A refilled Tron reserve with a flat combined balance creates conditions where the combined USDT reserve, rather than single-chain spikes, may be the more reliable signal of fresh exchange liquidity.

“For now, the clearest reading is: Binance moved USDT from Ethereum to Tron, and its total USDT on hand barely changed.”

Written by CryptoOnchain