Stablecoin liquidity on centralized crypto exchanges decreased by approximately 20 percent in 2026, or by $16 billion, dropping from a peak of $80 billion in November 2025 to approximately $64 billion. Against the backdrop of a bear market, capital is not only leaving trading platforms but also concentrating on Binance. According to the CryptoQuant analytical platform, the share of this exchange in USDT and USDC reserves increased from approximately 60% to 68.5%. The bulk of the exchange’s liquidity is provided by the USDT stablecoin, which accounts for more than $50 billion in current reserves, while most of the remaining volume belongs to USDC.

Against the backdrop of a general reduction in reserves, Binance proved to be the most stable among major crypto exchanges. Its stablecoin holdings decreased by approximately 16%, while other major platforms showed declines of 30–36%. At present, Binance controls almost sixty‑nine percent of the USDT and USDC reserves among the exchanges included in the study. Next, by a wide margin, are OKX with ten point eighty‑five percent, Coinbase Advanced with seven point zero three percent, Bybit with six point thirty percent, MEXC with two point seventy‑two percent, and Bitget with one point thirty‑one percent. Analysts note that the bear market not only reduces liquidity but also concentrates the portion that remains in the market.

A similar trend was observed during the 2022 bear market, when Binance’s share of exchange reserves of stablecoins increased from 47% to 64%. In subsequent years, the figure rose again and reached 80 billion dollars. The dynamics of the USDT stablecoin itself also indicate a reduction in liquidity. Over 60 days, the rolling change in the token’s supply dropped by approximately 4 billion dollars, and the 30‑day moving average reached minus 4.8 billion dollars. As of August 10, this value was minus three point six four billion dollars.

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The material was prepared solely for informational and educational purposes and does not constitute financial advice or a recommendation.