Farcaster

This is 2 major stable coins balance on all centralized exchanges. 
In Nov 2024 there was a huge 2x surge of liquidity.
For USDT most of liquidity is still there, down -6% off ATH $44B around Feb 2025.
USDC liquidity is down much more at -44% from $7,8B at ATH around the same time as USDT to $5,4B now. This reflects a more bearish sentiment in US market (CoinBase, Kraken, Gemini) vs the rest of the world which uses USDT more (Binance, Bitfinex, Korea, Singapore) 
USDT makes the whole picture less bearish so far for stables dry powder on exchanges.