Binance Tops Exchange Stablecoin Holdings as Market Liquidity Surges

Major cryptocurrency exchanges are experiencing notable changes in stablecoin holdings, with Binance at the forefront. The exchange has increased its reserves significantly this year, signaling strong market confidence in both its platform and in digital dollar assets.

This expansion at Binance reflects a broader trend across the sector, as stablecoin liquidity on centralized exchanges has reached a record $68 billion. The milestone underscores the growing importance of stablecoins in facilitating trades and hedging strategies. It also highlights their role in supporting broader market activity within the crypto ecosystem.

Binance Leads in Stablecoin Reserves

According to a CryptoQuant report, Binance holds the largest portion of stablecoin reserves, totaling $44.2 billion in USDT and USDC combined. The on-chain aggregator noted that USDT dominates at $37.1 billion. USDC has grown from $3 billion at the start of 2025 to $7.1 billion today. Overall, Binance’s total stablecoin holdings have increased 48% so far this year, reflecting strong inflows and active user engagement.

Other major exchanges hold smaller but still notable amounts. OKX maintains $9.0 billion in stablecoins, Bybit holds $4.2 billion, and Coinbase $2.6 billion. While their balances have remained mostly flat this year, these exchanges collectively account for 24% of total exchange-based stablecoin reserves. Their holdings span multiple blockchain networks, including Ethereum and TRON.

Notably, recent growth in stablecoin reserves has been most pronounced on Binance and OKX. Over the past month, Binance added $2.2 billion, while OKX increased its holdings by $800 million. Analysts suggest these inflows reflect investor confidence and the strategic use of stablecoins to manage liquidity during periods of market volatility. This trend also highlights the central role these exchanges play in the market.

Why Do Exchanges Hold So Many Stablecoins?

High stablecoin reserves give exchanges the flexibility to facilitate large trades without affecting prices and enable rapid movement of capital for traders and institutions. They also act as a barometer of market sentiment, with rising balances indicating growing market readiness and hedging activity.

This concentration of stablecoins on major exchanges, particularly Binance, highlights how central these platforms have become in the crypto ecosystem. With $68 billion now held across top exchanges, stablecoins play an increasingly critical role in liquidity management, trading, and risk mitigation.