Binance and Coinbase Dominate Recent Stablecoin Inflows

Stablecoin inflows are a cleaner signal of fresh capital than price action, so the fact that two venues absorb most of them says more about market structure than about demand itself. It implies liquidity and pricing power are consolidating where regulated, large-scale access already exists, which matters for smaller exchanges competing for the same flows. Whether this concentration persists or broadens across venues is the open question, since a narrow funnel can amplify moves in both directions.