Binance leads in stablecoin reserves among exchanges
Binance continues to strengthen its leading position in stablecoin holdings. Overall, stablecoin liquidity on centralized exchanges has reached a record $68 billion.
According to a CryptoQuant report, Binance holds $44.2 billion in USDT and USDC, with USDT accounting for $37.1 billion. Its USDC balance grew from $3 billion at the start of 2025 to $7.1 billion currently. Since the beginning of the year, Binance’s stablecoin reserves have increased by 48%, reflecting strong capital inflows and active user engagement.
Other major exchanges hold smaller but still significant amounts. OKX has $9.0 billion in stablecoins, Bybit — $4.2 billion, and Coinbase — $2.6 billion. While their balances have remained nearly unchanged this year, these platforms still account for 24% of total stablecoin reserves across exchanges.
Analysts believe this trend reflects investor confidence and the strategic use of stablecoins for liquidity management during periods of market volatility. It also highlights the central role of these exchanges in the crypto ecosystem.
High stablecoin reserves give exchanges the flexibility to execute large trades without impacting prices and enable rapid capital movement for traders and institutions. They also serve as a market sentiment barometer, as growing balances indicate increasing hedging activity.
See also: "Crypto exchange Binance adds Ethena’s USDe stablecoin to its platform"
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