The total market capitalization of stablecoins has fallen from $280 billion in April to $263 billion, a 6% decline, according to AMBCrypto. The reduction represents a $17 billion decrease in capital available to support investor and trader transactions across cryptocurrency markets.
Binance sees sharp decline in stablecoin reserves
Binance has experienced a larger loss than many other major exchanges. Its stablecoin reserves stood at approximately $51 billion before the recent losses and now total around $33.9 billion. The drop reflects a recent hacking incident that removed approximately $3 billion from the platform.
Binance's Ethereum-based Tether (USDT) reserves have also declined by 7.8% over the past 30 days to $34.78 billion. These reductions reflect ongoing withdrawals, with average weekly net flows negative throughout the past month. Some funds may have moved to self-custody or other platforms, leaving Binance with less capital readily available for trading.
The weakness in exchange liquidity coincides with muted ETH spot volumes, limited exchange accumulation, and continued outflows from Ethereum ETFs. As institutional and spot demand decrease, the availability of buyers willing to acquire selling assets also diminishes.
Solana stablecoin card spending reaches record high
While exchange liquidity weakens, Solana is recording increases in payments made using stablecoins. On October 31, total monthly card spending volume reached a record $141 million. This represented a sevenfold increase compared to October 2025 and a significant rise since spending first crossed the $50 million mark per month in January 2026.
The increase indicates growing reliance on Solana-based stablecoins for daily use cases, providing an additional form of network demand through utility even as global cryptocurrency liquidations decline.
Key figures
- Total stablecoin market capitalization fell 6% to $263 billion.
- Binance's Tether (USDT) reserves dropped 7.8% in 30 days to $34.78 billion.
- Solana stablecoin card spending reached a record $141 million in October, marking sevenfold year-on-year growth.
