Stablecoin reserves on centralized exchanges dropped 20% from roughly $80 billion to $64 billion, reducing immediately available liquidity. Binance expanded its share from nearly 60% to 68.5%, now holding approximately $42.92 billion in stablecoin reserves. Meanwhile, total stablecoin supply reached a record $310 billion, with USDT accounting for $183 billion and USDC representing $73 to $74 billion. Capital is migrating between blockchains, as $929 million in USDT entered through TRON while $765 million left Ethereum. The lack of reserve growth combined with a below-average USDC supply ratio constrains Binance’s ability to expand spot-buying capability.
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