Stablecoin liquidity on centralized exchanges fell from about $80 billion to $64 billion, while Binance increased its share of reserves to 68.5%.

This development reduces the amount of capital available for spot buying and indicates that stablecoins are allocated unevenly across exchanges as well as across various on-chain activities.

Source: X

Stablecoin liquidity on exchanges decreased to $64 billion

Stablecoin liquidity on centralized exchanges has dropped by about 20%, from nearly $80 billion to $64 billion, resulting in less capital available for spot buying compared with the late-2025 peak period.

This decrease does not occur evenly across exchanges. Binance increases its share of total stablecoin reserves on exchanges from nearly 60% to 68.5%, thereby holding a larger portion of the liquidity that could be brought back to the market.

Other centralized exchanges currently hold liquidity that is significantly lower than Binance’s. This gap makes stablecoin inflows to and outflows from Binance a notable indicator when assessing the potential liquidity that could be deployed in the future.

Most of the stablecoin supply is outside trading exchanges

The total stablecoin supply across the market averages about $31 billion, but only $6.4 billion is held on centralized exchanges.

Tether (USDT) accounts for about $18.3 billion, while USD Coin (USDC) reaches about $7.3–7.4 billion. These two stablecoins make up about 83% of the total stablecoin market size.

Source: DeFiLlama

The gap between total supply and the amount of stablecoins on exchanges suggests that much capital is being used for personal custody activities, DeFi, payments, and other on-chain transactions. Therefore, the total liquidity of the ecosystem does not necessarily mean the amount of capital that can immediately participate in the spot market.

Stablecoin net flows on exchanges more accurately reflect the ability to deploy capital. Inflows can bring stablecoins closer to spot buying activity, while outflows indicate that capital continues to sit outside centralized markets.

Binance is increasing its share, but reserves have not expanded significantly

Binance’s average stablecoin reserve value is about $4.292 billion per month, increasing by only 0.44% on average each month.

USDC sees daily inflows rising to $125.4 million, but the increase mainly reflects a shift in the composition of reserves rather than creating a significant amount of new liquidity for Binance.

In the USDT flow structure, about $929 million enters Binance via the TRON network, while about $765 million leaves the Ethereum network. This shows that the capital has shifted between blockchains.

Source: CryptoQuant

The USDC supply ratio on Binance has recovered to 0.0986, but it remains below the six-month average of 0.1128. With the reserve size not increasing clearly, the ability to expand the capital available for spot buying remains limited.

To change the current conditions, Binance’s reserves need to increase to $4.817 billion, and the USDC share must rise above the long-term average of 0.1128.

Stablecoin liquidity data compilation

Key indicators show that the total stablecoin supply remains large, but the portion directly on exchanges and ready for spot trading has narrowed.

Stablecoin Reserve Value on Exchanges Index Drops from about $8 billion to $6.4 billion Binance’s reserve share Rises from nearly 60% to 68.5% Total stablecoin supply About $31 billion Tether (USDT) supply About $18.3 billion USD Coin (USDC) supply About $7.3–7.4 billion Binance’s average monthly stablecoin reserves About $4.292 billion Binance’s average monthly reserve increase 0.44% Daily USDC into Binance About $125.4 million USDT in via TRON About $929 million USDT leaving Ethereum About $765 million USDC supply ratio on Binance 0.0986 Six-month average of the USDC ratio 0.1128 Necessary reserve level to change liquidity conditions $4.817 billion

Summary

Stablecoin reserves on centralized exchanges have fallen to $6.4 billion, while Binance accounts for 68.5% of the total reserves. Although the total stablecoin supply is about $31 billion, most of the capital is outside exchanges or shifting between networks, so spot liquidity has not increased correspondingly.

Source: https://tintucbitcoin.com/du-tru-stablecoin-giam-con-64-ty-usd-binance-chiem-685-thanh-khoan-san/

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