🗞️ Stablecoin Reserves Are Falling Across Exchanges, With Binance at a 1-Year Low Stablecoin reserves on Binance have just hit their lowest level of the year. With $41.6B of stablecoins (ERC-20) in reserve, Binance is back to its early October 2025 level. Since April 2026, $6.3B has left the platform. Stablecoin market cap on Binance has been in the red since June, with an estimated -4.7% change over 90 days for now. This is consistent with Binance stablecoin netflows, which average -$62M on a monthly average. This trend is not unique to Binance, which still holds over 70% of stablecoin reserves across exchanges. Since April, reserves have also fallen by $2.3B on Bybit, $2.5B on Coinbase Advanced and $2.4B on OKX. After a slight liquidity rebound in late August, momentum has faded and several factors may explain this : - Exchanges adjust the supply of stablecoins available on their platforms to match investor demand, and investors appear reluctant to take on crypto exposure for now. - Some investors may have withdrawn their liquidity to earn a yield on other platforms while waiting for better conditions. Either way, this dynamic continues to weigh on the market. The lack of incoming liquidity is contributing to the current lethargy. For the situation to change, we would need to see flows return to exchanges, a sign that demand is recovering.