Binance ended 2025 holding more stablecoin liquidity than any other centralised exchange, raising questions about whether such concentration could influence market dynamics in the months ahead.
According to year-end data, Binance controlled around 71% of all stablecoin liquidity on centralised exchanges, with reserves exceeding $49bn. Total exchange-held stablecoin balances stood close to $69bn, near an all-time high, underscoring how dominant Binance has become as the primary venue for stablecoin deployment.
By comparison, OKX held roughly one-fifth of Binance’s stablecoin reserves, leaving Binance with around five times more liquidity than its nearest major rival. Overall, the top three exchanges accounted for the vast majority of stablecoin balances, further concentrating liquidity within a small number of platforms.
USDT and USDC Activity Concentrated on Binance
The two leading stablecoins, USDT and USDC, were most active on Binance throughout 2025. Trading volumes, transfers and collateral usage for both tokens were consistently highest on the platform, across both spot and derivatives markets.
A report published on 28 December by CryptoQuant said Binance remained “the primary market for stablecoin deployment,” noting that USDT and USDC continued to dominate exchange activity.
Stablecoin inflows to Binance were largely concentrated in tokens issued on the Ethereum and TRON blockchains, reflecting their role as the main settlement layers for trading and payments.
FDUSD Declines as Liquidity Preferences Shift
One notable change during the year was the sharp reduction in FDUSD balances on Binance. Supply of the stablecoin fell from around 2.5bn tokens to roughly 500m, signalling a shift in preferred liquidity sources on the exchange.
Despite the decline in FDUSD, Binance’s overall stablecoin reserves remained near historical peaks into year-end. USDT continued to dominate daily transfer value and volume, reinforcing its position as the exchange’s primary settlement asset.
Market Impact in Focus
Analysts say the scale of stablecoin concentration on Binance represents both opportunity and risk. On one hand, deep liquidity supports efficient price discovery, derivatives trading and yield programmes. On the other, such dominance means that changes in Binance’s policies, risk controls or regulatory environment could have outsized effects on the wider crypto market.
With stablecoins increasingly used as trading collateral rather than purely spot capital, observers will be watching whether this liquidity remains parked on exchanges or begins to move elsewhere in 2026.
For now, Binance’s $49bn stablecoin balance cements its role as the central liquidity hub of the crypto market — and a key player in shaping whatever comes next.
