Stablecoin Reserves on Exchanges Fell by $16B Amid Bear Market

Published: August 19, 2026 – 13:28 UTC

Stablecoin liquidity on exchanges fell by 20% — to about $64 billion.
USDT accounts for more than $50 billion in current reserves.
Meanwhile, Binance has concentrated most of this asset category (nearly 70%).

Stablecoin liquidity on centralized crypto exchanges in 2026 fell by about 20% (or $16 billion) — from a peak of $80 billion in November 2025 to roughly $64 billion. Against the backdrop of a bear market, capital is not only leaving exchanges, but also concentrating on Binance: the platform’s share of USDT and USDC reserves rose from about 60% to 68.5%, according to CryptoQuant data.

Stablecoin liquidity on exchanges just fell from $80B to $64B

But Binance is winning the shrinkage: its share climbed from ~60% to 68.5% while everyone else bled harder.

The bear market isn't just draining liquidity, it's concentrating what's left. pic.twitter.com/dawEtT4FVf
— CryptoQuant.com (@cryptoquant_com) August 19, 2026

Stablecoin Liquidity Is Shrinking

According to CryptoQuant, USDT provides the bulk of exchange liquidity — it accounts for more than $50 billion in current reserves. Most of the remainder is USDC, so changes in the balances of these two stablecoins largely determine the overall level of available liquidity.

Analysts say the current dynamics resemble previous cycles. During the 2022 bear market, the amount of stablecoins on exchanges fell from about $60 billion in April to $40 billion in November. Later, in 2023-2025, the figure rose again and reached $80 billion.

Binance Is Concentrating Liquidity

Amid the overall decline in reserves, Binance proved the most resilient among major crypto exchanges. Its stablecoin holdings fell by about 16%, while other large venues posted declines of 30-36%.

As of now, Binance controls 68.98% of USDT and USDC reserves among the exchanges covered by the study. Far behind, the next were:

OKX — 10.85%
Coinbase Advanced — 7.03%
Bybit — 6.30%
MEXC — 2.72%
Bitget — 1.31%

CryptoQuant notes that Binance’s share rose from about 60% at the end of 2025 to 68.5% now. At the same time, the absolute volume of stablecoins on the exchange also declined, but competitors were losing liquidity faster.

A similar trend was observed during the 2022 bear market: Binance’s share of exchange stablecoin reserves then increased from 47% to 64%.

“The bear market isn’t just draining liquidity, it’s concentrating what’s left,” CryptoQuant said on X.

Separately, USDT dynamics also point to shrinking liquidity. As reported earlier, the stablecoin’s 60-day rolling change in supply fell by about $4 billion, and the 30DMA reached -$4.8 billion. As of August 10, the figure stood at -$3.64 billion.

Сообщение Stablecoin Reserves on Exchanges Fell by $16B Amid Bear Market появились сначала на INCRYPTED.

Source: Incrypted