Binance Captures 68.5% of Exchange Liquidity as Stablecoin Reserves Plummet

Stablecoin reserves have plummeted to $64 billion, marking a significant decline of 20% from their previous level. This reduction in exchange liquidity has left centralized venues with less dry powder for spot buying than they had near the late-2025 peak.

Binance, however, has capitalized on this shift, increasing its share of total reserves to 68.5%. This gives Binance a substantial advantage over other exchanges, allowing it to control which stablecoin liquidity pool is deployable to the market.

The overall supply of stablecoins remains at an all-time high, with approximately $310 billion circulating in the market, according to DeFiLlama. Tether (USDT) and USD Coin (USDC) dominate this landscape, accounting for around 83% of the stablecoin market with $183 billion and $73-$74 billion in supply respectively.

While Binance's reserve size may have increased slightly, its available buying power has not expanded substantially. The exchange still faces a challenge in expanding its spot-buying capability, requiring reserves to grow to $48.17 billion while the USDC ratio rises above its six-month average.