Binance Grabs Larger Share as Stablecoin Liquidity Shrinks
Stablecoin liquidity on exchanges has shrunk significantly this year, dropping from $80 billion in late 2025 to around $64 billion today. The decline reflects a deepening crypto bear market and a shrinking stablecoin market capitalization, both of which have squeezed available trading capital.
Despite the overall contraction, Binance has managed to expand its share of total exchange reserves from about 60% in late 2025 to around 68.5% today. This growth comes not from rising deposits but from a slower rate of decline compared with other platforms.
Coinbase, Bybit, OKX, and smaller exchanges have all seen steeper drawdowns in their stablecoin balances over the same period. As those venues lose reserves faster, the remaining stablecoin liquidity naturally concentrates around the largest platform, Binance.