Stablecoin reserves across centralized exchanges have fallen from roughly $80 billion at their late-2025 peak to around $64 billion in 2026. What's interesting is where that liquidity is ending up. Data from CryptoQuant shows that Binance's share of exchange stablecoin reserves has increased from roughly the low-60% range to 68.5%. It now holds more than two-thirds of the stablecoin liquidity across major centralized exchanges. At the same time, other crypto exchanges have seen stablecoin reserves fall 30-36%, pointing to a much steeper contraction during the recent drawdown. This data suggests that a growing share is consolidating on the largest and most liquid venues rather than capital leaving the ecosystem entirely.(Ali Charts)