Exchange Stablecoin Reserves Slip 20% to $64B, CryptoQuant Says
Stablecoin holdings on centralized exchanges fell to about $64 billion from an $80 billion peak, with Binance holding most of the liquidity.
Stablecoin reserves held on centralized exchanges have declined roughly 20% from their late-2025 peak, according to data from CryptoQuant. The total now stands at around $64 billion, down about $16 billion from the previous high near $80 billion.
The reduction leaves less idle capital on exchanges that could be deployed for purchases, a sign of diminished trading liquidity during the ongoing bear market.
Liquidity Concentrates on Binance
The remaining stablecoin liquidity has become increasingly concentrated. Binance alone accounts for 68.5% of stablecoin reserves across exchanges, according to the same data.
- Total exchange stablecoin reserves: ~$64 billion
- Decline from peak: ~$16 billion (20%)
- Binance share of exchange stablecoin liquidity: 68.5%
The data reflects a broader trend of reduced market depth and risk appetite as digital asset prices remain under pressure. CryptoQuant's figures track stablecoin deposits on major trading platforms.