Binance now holds approximately 65 percent of all stablecoin reserves across centralized exchanges, according to new data from CryptoQuant, highlighting the platform’s dominant position as capital consolidates within the crypto sector. The report indicates that while outflows from exchanges have slowed significantly, liquidity remains heavily concentrated on the world’s largest trading venue.
Over the past month, stablecoin outflows from centralized exchanges totaled around 2 billion dollars. This marks a sharp slowdown compared to the 8.4 billion dollars in outflows recorded during the early phase of the late 2025 bear market. Analysts interpret the shift not as a renewed inflow of capital but as stabilization within exchange ecosystems, with funds remaining inside crypto markets rather than exiting entirely.
Binance currently holds about 47.5 billion dollars in combined USDT and USDC reserves, representing roughly two thirds of total centralized exchange stablecoin balances tracked by CryptoQuant. The figure reflects a 31 percent increase from the 35.9 billion dollars held on the platform one year earlier. The data suggests that despite subdued market sentiment, liquidity on major exchanges has continued to build.
The composition of Binance’s reserves shows a clear preference for Tether’s USDT. The exchange holds approximately 42.3 billion dollars in USDT compared to 5.2 billion dollars in USDC. Year on year, USDT liquidity on Binance has grown by 36 percent, while USDC balances have remained relatively flat. The divergence underscores USDT’s continued dominance as the primary trading pair and settlement asset across global crypto markets.
Other exchanges hold significantly smaller shares of stablecoin reserves. OKX ranks second with about 9.5 billion dollars, accounting for 13 percent of tracked balances. Coinbase holds approximately 5.9 billion dollars, or 8 percent of the total, while Bybit maintains around 4 billion dollars, representing 6 percent. No other platform approaches Binance’s level of concentration.
CryptoQuant analysts describe the current environment as one of consolidation rather than recovery. Capital appears to be parked on exchanges, particularly Binance, instead of being deployed aggressively into higher risk assets. A sustained bullish reversal would likely require renewed stablecoin inflows or a visible shift of reserves into spot and derivatives positions.
Despite the easing of outflows, broader market uncertainty remains. CryptoQuant recently identified Bitcoin’s realized price support near 55,000 dollars, a level analysts consider a potential bear market floor if tested. At the time of reporting, Bitcoin traded above that threshold, but market participants continue to monitor liquidity trends closely.
The data suggests that while investor capital is not fleeing the crypto ecosystem, it is becoming increasingly centralized. Binance’s expanding share of stablecoin reserves reinforces its position as the primary liquidity hub for global crypto trading during a period defined more by capital preservation than aggressive expansion.
