Binance has cemented its position as the dominant hub for stablecoin liquidity, holding more than 71% of all stablecoin deposits across centralised exchanges as 2025 draws to a close.
Data shows Binance now carries around $49bn in stablecoin reserves, out of total exchange-held liquidity of approximately $69bn. The concentration leaves rival platforms trailing far behind, with OKX holding roughly one-fifth of Binance’s reserves. Overall, the top three centralised exchanges control about 94% of global stablecoin liquidity.
The figures follow a period of peak inflows in late November, when Binance’s stablecoin reserves briefly exceeded $51bn. In December, however, around $8bn in stablecoins flowed out of exchanges, signalling a shift in market behaviour as traders repositioned toward the end of the year.
Despite those outflows, exchange-held reserves remain near all-time highs. Analysts say the concentration of liquidity on Binance represents significant latent buying power for spot markets, while also supporting yield-generating strategies. Binance has expanded passive income programmes tied to selected stablecoins, meaning a portion of reserves is deployed beyond immediate trading activity.
Leading stablecoins USDT and USDC remained most active on Binance throughout 2025. Inflows were strongest for tokens issued on the Ethereum and TRON networks, reflecting their continued dominance in payments, trading and decentralised finance.
Binance also continued to scale back its exposure to FDUSD during the year, reducing supply from around 2.5bn tokens to roughly 500m. While overall stablecoin balances remain near historic highs, the adjustment may point to a broader realignment of liquidity preferences heading into 2026.
Market observers note that while stablecoins flowed out of spot markets in December, balances on derivatives platforms remained relatively stable. This suggests traders are increasingly using stablecoins as collateral rather than as immediate trading capital, reinforcing their role as infrastructure rather than speculative assets.
The growing concentration of stablecoin liquidity on a single exchange is likely to draw regulatory attention in 2026, particularly as stablecoins become more deeply embedded in global crypto markets.
Tags: Binance, stablecoins, crypto liquidity, USDT, USDC
