Stablecoin

2024

2026

Spot

Nearly 90% of tokens listed on <a href="https://yellow.com/research/dex-vs-cex-the-struggle-thats-reshaping-crypto-markets" rel="noopener noreferrer nofollow">major centralized crypto exchanges</a> fall below their debut price within 12 months, according to a new report from CoinGecko.
<h2 id="coingecko-report-findings">CoinGecko Report Findings</h2>
The research firm's 2026 Spot CEX Report, <a href="https://www.coingecko.com/research/publications/spot-centralized-exchanges-report-2026" rel="noopener noreferrer nofollow">published</a> Apr. 9, analyzed listing performance across the top 12 centralized exchanges. It found that only about 32% of newly listed tokens record positive price action in their first 30 days of trading.
That number deteriorates fast.
<blockquote>
 After 60 days, just 25% of tokens remain above water. By the one-year mark, fewer than 10% still trade above their initial listing price on most platforms.
</blockquote>
Upbit posted the strongest short-term results, with 67% of its new listings finishing in the green after 30 days. Binance<a href="https://yellow.com/asset/bnb" rel="noopener noreferrer nofollow">(BNB)</a> and OKX followed at 50%.
But Upbit's early advantage fades sharply — all of its newly listed tokens drop below their debut price by the 300-day mark.
Coinbase stood out as the only exchange where listed tokens saw a rebound after six months.
Also Read:<a href="https://yellow.com/news/iran-bitcoin-mining-hashrate-shift" rel="noopener noreferrer nofollow">Iran Loses 7 EH/s In One Quarter As Bitcoin Mining Power Shifts Elsewhere</a>
<h2 id="stablecoin-dominance-and-reserve-growth">Stablecoin Dominance and Reserve Growth</h2>
The report also highlighted the grip of Tether<a href="https://yellow.com/asset/usdt" rel="noopener noreferrer nofollow">(USDT)</a> and USD Coin<a href="https://yellow.com/asset/usdc" rel="noopener noreferrer nofollow">(USDC)</a> on spot trading. Together, the two stablecoins account for 66.6% of all trading pairs and 97.7% of stablecoin-denominated pairs across the 12 exchanges surveyed.
Total reserves across those platforms climbed 69.6%, rising from $152.1 billion in early 2024 to $225.4 billion by the end of Feb. 2026.
<blockquote>
 Binance led that growth, doubling its reserves from $46.7 billion to $93.4 billion.
</blockquote>
Coinbase holds the largest Bitcoin<a href="https://yellow.com/asset/btc" rel="noopener noreferrer nofollow">(BTC)</a> stockpile at over 800,000 BTC, though its BTC and Ethereum<a href="https://yellow.com/asset/eth" rel="noopener noreferrer nofollow">(ETH)</a> reserves have seen outflows of 20% and 41%, respectively.
Smaller exchanges have absorbed some of that capital. Bitget and MEXC recorded reserve increases of 262% and 274.6%, reflecting a broader migration of trading activity from institutional-heavy platforms toward retail-driven venues with higher asset turnover.
Read Next:<a href="https://yellow.com/news/bitcoin-long-term-holders-growth" rel="noopener noreferrer nofollow">4.37M BTC Now Sit In Accumulation Wallets — Here's Why That Matters</a>

Only 10% Of New CEX Tokens Survive Their First Year, CoinGecko Data Reveals

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