Stablecoin reserves on centralized crypto exchanges have reached an all-time high, climbing to $68 billion in early September, accoridng to latest data from CryptoQuant.
This latest progress shows the growing role of stablecoins in global crypto markets, providing both liquidity and a reliable bridge between fiat and digital assets.
The surge also reflects continued investor demand for stability amid volatile market conditions, as well as the increasing use of stablecoins in trading, yield generation, and cross-border settlements.
Binance Dominates Stablecoin Holdings
Leading the charge is Binance, whose reserves hit $44.2 billion by the end of August. This makes up 67% of all USDT and USDC reserves held across exchanges, reports CryptoQuant.
Of this total, $37.1 billion is in Tether (USDT), while $7.1 billion is in USD Coin (USDC), marking a resurgence in USDC’s presence on the platform.
Binance’s dominance highlights its unmatched role as the global hub for stablecoin liquidity, facilitating massive trading volumes and acting as a primary gateway for digital asset flows.
Other Exchanges Show Flat Growth
In contrast, competing exchanges have seen relatively stagnant stablecoin balances. OKX, the second-largest holder, currently maintains $9.0 billion in reserves, translating to a 14% market share.
Bybit follows with $4.2 billion (6%), and Coinbase holds $2.6 billion (4%). Despite their established positions, these platforms have not experienced meaningful growth in 2025, suggesting that users continue to consolidate activity on the largest exchanges, particularly Binance.
Binance and OKX Lead Recent Expansion
Over the past 30 days, the most notable increases in stablecoin liquidity occurred on Binance and OKX. Binance’s reserves swelled by $2.2 billion, while OKX added $800 million.
This acceleration demonstrates both exchanges’ ability to attract traders and capital, reinforcing their dominance in the sector. Meanwhile, Bybit and Coinbase’s reserves have remained largely flat, pointing to divergent strategies and user preferences across different platforms.
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