Binance currently holds $47.5 billion in stablecoins, accounting for 65% of the total stablecoin liquidity across cryptocurrency exchanges, according to CryptoQuant. Despite a slowdown in outflows during the ongoing bear market, Binance's competitors remain significantly behind in terms of stablecoin reserves. This concentration of funds suggests that while the overall market may be experiencing a downturn, liquidity is consolidating rather than exiting the crypto space.