Exchange Stablecoin Reserves Drop 20% as Bear Market Drains Liquidity

Stablecoin reserves parked on centralized exchanges have shrunk to roughly $64 billion, down about $16 billion from a late-2025 peak near $80 billion, CryptoQuant data shows.

The drain leaves less idle capital sitting ready to buy. What remains has pooled into fewer venues, with Binance alone accounting for 68.5% of exchange stablecoin liquidity.

Binance Absorbs a Shrinking Liquidity Pool

CQ Research said that Binance has "proven considerably more resilient" compared to other major exchanges. Balances at Coinbase, Bybit, OKX, and smaller venues contracted more sharply.

That divergence lifted Binance's share from the low-60% range in late 2025 to 68.5% today. The exchange is winning a larger slice of a smaller pie.

"The divergence has allowed Binance to gain market share even while its own absolute liquidity declines, illustrating that the current downturn is simultaneously reducing aggregate liquidity and concentrating what remains," the report read.

CryptoQuant flagged the same trend in February. Binance then held 65% of tracked reserves, worth $47.5 billion in stablecoins.

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