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CryptoQuant analyst Darkfost stated that the stablecoin reserve has dropped to $41.9 billion, marking the first time since October 2025 that it has fallen below the $42 billion mark. At present, Binance accounts for over 70% of the total stable coins on the exchange, and reserves will continue to decline from November 2025. Darkfost pointed out that this decline reflects investors reducing their market exposure and withdrawing stablecoins from the platform, occurring in sync with weak demand, resulting in the platform reducing reserves due to insufficient demand. This dynamic reflects the persistent pessimistic sentiment in the market, and if the trend is to reverse, demand needs to rebound widely.