PANews reported on February 24th that, according to CryptoQuant data, Binance's stablecoin reserves have declined by 18.6% since November, from approximately $50.9 billion to approximately $41.4 billion, returning to levels seen in October of last year. Analysts suggest that the net outflow of stablecoins reflects investors converting funds from the crypto market back into fiat currency, indicating a continued "crypto liquidity drought." Binance currently still accounts for approximately 64% of the total stablecoin reserves. Meanwhile, the overall stablecoin market capitalization has stagnated above $300 billion since October of last year, with the previous significant decline occurring during the bear market following the Terra/Luna crash in 2022. Analysts point out that without a new influx of stablecoins, market liquidity is unlikely to improve significantly in the short term.