Stablecoin reserves on centralized exchanges have dropped from roughly $80 billion to $64 billion. That is a 20% slide in immediately available liquidity. Exchanges now have less dry powder for spot buying than they did near the late-2025 peak.
Binance, though, has increased its share of the remaining pool. Its share went from nearly 60% to 68.5%. That gives Binance more control over which stablecoin liquidity can be deployed to the market. Other venues are left with lower reserves, and the changes are uneven. So traders may want to track Binance stablecoin flow indicators more closely. Those flows could show where centralized liquidity gets deployed next.
Stablecoin supply keeps climbing
The drop in exchange reserves is not the full story. Total stablecoin supply is at a record high. DeFiLlama puts it near $310 billion on average. That is far above the $64 billion now parked on exchanges.
Two large stablecoins dominate the market. Tether (USDT) accounts for about $183 billion. USD Coin (USDC) sits around $73 billion to $74 billion. Together, they make up around 83% of the stablecoin market.
But much of that capital no longer sits on exchange order books. It now supports self-custody, DeFi, payments, and other on-chain activity. That creates a split between overall market liquidity and tradable liquidity. Just because stablecoin supply is high doesn’t mean buying power on exchanges is high.
This is why exchange netflows matter more now. Rising stablecoin deposits would move capital closer to spot purchases. Continued outflows would keep that liquidity outside centralized markets.
Binance reserves stay flat under the surface
Binance has a bigger share, but its overall buying power has not grown much. Average monthly reserves on the exchange were around $42.92 billion. That number only rose by 0.44% per month. So stablecoin flows did not bring major new liquidity.
Some internal shifts are visible. Daily USDC inflows went up to $125.4 million. But that was mostly a change in reserve composition, not a fresh wave of capital. On the network side, $929 million in USDT moved in through TRON, while $765 million left Ethereum. Capital migrated between chains, but the total pool barely moved.
The USDC supply ratio on Binance recovered to 0.0986. Still, it stayed below the six-month average of 0.1128. Without growth in the overall reserve, Binance will struggle to expand its spot-buying capacity.
For conditions to change, reserves would need to grow to $48.17 billion. The USDC ratio would also need to rise above its longer-term average. Until then, the shift in stablecoin liquidity may keep favoring on-chain activity over exchange order books.
