Data: Exchange stablecoin reserves shrunk 20%, and Binance's share bucked the trend and rose to 68.5%

Comparatively, according to BeInCrypto, CryptoQuant data shows that stablecoin reserves on centralized exchanges fell from a high of around $80 billion at the end of 2025 to around $64 billion, shrinking by about $16 billion (about 20%). Among them, Binance's performance was relatively resistant to decline, and its stablecoin share rose from around 60% to 68.5%, while platforms such as Coinbase, Bybit, and OKX declined even more significantly.

Meanwhile, on-chain analysis platform Santiment has detected that pessimistic remarks such as “crypto is dead” continue to heat up on X and Reddit. The Crypto Panic Greed Index currently reports 46 and is still in the fear range. The overall total supply of stablecoins also fell from a high of nearly $316 billion to $30.89 billion in May, but the decline was far lower than on the exchange side, indicating that some liquidity may have moved onto the chain rather than completely leaving the market.