Stablecoin reserves held on centralized exchanges have shrunk to approximately $64 billion, down about $16 billion from a late-2025 peak near $80 billion, according to CryptoQuant data. This decline represents a drop of roughly 20 percent. This liquidity drain leaves less capital available for buying. What remains has pooled into fewer venues, with Binance alone accounting for 68.5 percent of exchange stablecoin liquidity.
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