thechessONCHAIN
Ethereum Stablecoins on Exchanges Hit a 12-Month Low. Outside Binance, They Are 51% Below Their Peak
Ethereum-based stablecoins held on exchanges fell to $51.83B on Oct 30, the lowest in 12 months and 33.5% below the 12-month high of $77.96B. The Oct 29 Binance security incident explains the latest drop, not the trend. That day exchange stablecoin reserves fell $3.60B, and Binance was $3.34B of it (93%). Take Binance out and the picture gets weaker, not better: - Other exchanges hold $14.24B, a 12-month low and 51.0% below their 12-month peak ($29.08B, December 2025). - They set 9 new 12-month lows in the last 30 days. - Over the last three months (since July 30) they fell 21.9%. Binance, leaving out the Oct 29 drop, fell 3.0%. - By coin, outside Binance: Tether (USDT on Ethereum) $9.01B, 56.7% below its peak, and USDC (Circle's dollar stablecoin) $5.16B, 39.1% below. Both at 12-month lows. Why it matters: stablecoins on exchanges are cash ready to buy crypto. In principle, less of it means less ready demand on dips. The incident added a one-day drop at Binance; the drain elsewhere has been building since its December 2025 peak. What would change the reading: by Nov 30, reserves outside Binance back above $15.17B and total reserves above $56.51B, their Oct 25 levels. Both together, not one, because money leaving Binance for other exchanges would lift the first number alone. Limits: Ethereum-based stablecoins only; money may have moved to other chains or to DeFi (lending and trading apps). Wallet rotation after the incident can depress Binance's measured reserves. Twelve months of data. History, not a forecast.