Binance is sitting on roughly $41.2 billion in USDT reserves across ERC-20 and TRC-20 networks. The exchange’s stablecoin reserves have failed to reclaim their 30-day average, with combined netflows clocking in at negative $1.27 billion over the past month.

The numbers paint a cautious picture

Binance’s ERC-20 USDT reserves have dropped 2.3% over the last 30 days, placing them at just the 23.5th percentile of their monthly range. That means for roughly three-quarters of the past month, reserves were higher than they are right now.

Total USDT reserves on Binance sit approximately 12.4% below the peak of $43.9 billion recorded in December 2025.

There was a brief moment of optimism on June 5, when netflows flipped positive by about $120 million. The uptick didn’t stick, with flows quickly stabilizing back to neutral territory.

This pattern, according to data from CryptoQuant reported by Coinpedia, points toward liquidity consolidation rather than aggressive accumulation.

It’s not just a Binance problem

OKX, Bybit, and Bitfinex are all exhibiting similar mild distribution trends in their stablecoin holdings.

Bitcoin continues trading in the low $60,000 range. Smaller exchanges like KuCoin and Bitget have seen some accumulation in TRC-20 tokens. Combined, those two platforms hold roughly $465 million in TRC-20 USDT, representing barely 1% of Binance’s $41.2 billion stockpile.