USDT withdrawals surged to 56,000 transactions, while deposits reached only 11,000 transactions, indicating that during the 2026 Strait of Hormuz crisis, users transferred funds to private custodians, resulting in significant outflows from exchanges. Exchange stablecoin reserves have declined to $50.6 billion, causing a decrease in market liquidity. This shift reflects that due to disruptions in traditional banking, stablecoins are increasingly being used for actual cross-border payments and settlements rather than speculative trading, which has intensified volatility risks for major crypto assets.