Upbit posted the strongest short-term results, with 67% of its new listings finishing in the green after 30 days. Binance (BNB) 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.
Stablecoin Dominance and Reserve Growth
The report also highlighted the grip of Tether (USDT) and USD Coin (USDC) 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.
Binance led that growth, doubling its reserves from $46.7 billion to $93.4 billion.
Coinbase holds the largest Bitcoin (BTC) stockpile at over 800,000 BTC, though its BTC and Ethereum (ETH) 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.
Alexey Bondarev is the Head of Content at Yellow.com, having reported on crypto for the last 10 years. He specializes in in-depth Research and Learn pieces, with a focus on analytical reporting, industry context, and the bigger forces shaping crypto, from the AI era and security technologies to fintech innovation. He believes that everything digital will imminently overcome everything analogue and is working hard to make that come true.
