The total stablecoin market capitalization fell 6% from $280 billion in April to $263 billion. Binance’s stablecoin reserves declined more sharply, from about $51 billion to $33.9 billion, following the withdrawal of roughly $3 billion linked to a hacking incident. Binance’s Tether reserves on Ethereum also dropped 7.8% in 30 days to $34.78 billion amid continued withdrawals and weak demand for ETH. Meanwhile, stablecoin card spending on Solana reached a record $141 million in October, representing a sevenfold increase from October 2025.
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