Stablecoin Reserves Drop to $64B; Binance Holds 68.5%

Centralized exchange-held stablecoin reserves fell about 20%, from roughly $80 billion to $64 billion, while Binance’s share of that pool rose to 68.5%.

The decline reduced immediately available exchange liquidity compared with the late-2025 peak and left centralized venues with less capital positioned for spot buying.

Total stablecoin supply averages about $310 billion on-chain, well above the $64 billion held on centralized exchanges. Tether represents about $183 billion of supply and USD Coin about $73–$74 billion.

A large portion of the extra supply is held in self-custody wallets or used in decentralized finance, payments and other on-chain activity rather than sitting on exchange order books.

Within the smaller pool of exchange reserves, Binance’s share rose from nearly 60% to 68.5%. Binance’s average monthly reserve value was about $42.92 billion and grew roughly 0.44% per month over the measured period.

On-chain flow data indicate changes in reserve composition rather than large net inflows to Binance. Daily USDC inflows to Binance averaged about $125.4 million. USDT movements included roughly $929 million entering via the TRON network and about $765 million leaving Ethereum.

USDC’s share of exchange reserves recovered to 0.0986 but remained below its six-month average of 0.1128.

Exchange netflows have been used to track where capital might move into centralized spot buys: rising stablecoin deposits increase exchange-held balances, while outflows keep liquidity positioned off exchanges.

Analysis indicates Binance’s reserves would need to reach approximately $48.17 billion and the USDC ratio to rise above its longer-term average for the platform’s spot-buying capacity to expand materially.

The data show a shift of stablecoin liquidity away from exchange order books and into on-chain uses, with Binance holding a larger share of the reduced pool of exchange liquidity.