Major cryptocurrency exchanges, especially Binance, are experiencing significant changes in stablecoin holdings, reflecting growing investor interest.
Binance in the Spotlight
According to a CryptoQuant report, Binance holds the largest portion of stablecoin reserves totaling $44.2 billion in USDT and USDC. The dominant asset is USDT at $37.1 billion. USDC has grown from $3 billion at the beginning of 2025 to $7.1 billion today. Overall, Binance's total stablecoin holdings have increased by 48% so far this year, reflecting high user engagement.
Other Exchanges and Their Reserves
Other major exchanges such as OKX, Bybit, and Coinbase hold smaller but still significant amounts. OKX has $9.0 billion in stablecoins, Bybit holds $4.2 billion, and Coinbase $2.6 billion. While their balances have remained mostly steady this year, these exchanges collectively account for 24% of total exchange-based stablecoin reserves.
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.
The concentration of stablecoin reserves on major exchanges, particularly Binance, highlights their essential role in liquidity management and trading within the cryptocurrency market.
