The stablecoin reserves held by Binance continue to increase.
According to yesterday’s statement by CryptoQuant, not only would they have reached $47.5 billion, but this would represent 65% of all stablecoin liquidity present across all exchanges.
In other words, Binance alone would have almost double the stablecoin liquidity present in all other exchanges combined.
Summary
Stablecoins
According to Defillama data, dollar-denominated stablecoins currently have a total market capitalization of approximately 307 billion dollars.
According to CryptoQuant data, there are reportedly less than 80 billion dollars in USDT and USDC on the monitored centralized exchanges, on Ethereum and Tron.
This clearly illustrates that the vast majority of stablecoins are actually not held on centralized exchanges, but rather on non-custodial wallets or decentralized exchanges.
Moreover, by combining the total market capitalization of USDT and USDC, it amounts to $257 billion, which is still significantly more than the less than $80 billion present on the major centralized exchanges.
The remainder is either in other stablecoins (approximately 50 billion), on DEX and non-custodial wallets, on smaller CEX, or on other chains. By combining the market capitalization of stablecoins on Ethereum and Tron, it amounts to 243 billion dollars, so there are about 65 billion on other chains.
CryptoQuant’s Analysis
CryptoQuant reveals that the growth of stablecoin reserves on major centralized exchanges peaked before the price drop at the end of 2025, with an increase of $11.4 billion in the preceding 30 days, followed by a decline of $8.4 billion by the end of the year, coinciding with the onset of the bear market.
However, the pace of outflows has slowed, with reserves decreasing by only 2 billion dollars in the last month.
Binance remains the primary hub for stablecoin liquidity, with reserves in USDT and USDC increasing by 31% compared to twelve months ago.
Following are OKX, Coinbase, and Bybit, with $9.5 billion, $5.9 billion, and $4 billion, respectively.
On Binance, USDT dominates with $42.3 billion, marking a 36% year-over-year increase, followed by USDC, which remains steady at $5.2 billion, essentially unchanged from last year.
Defillama Data
Defillama is a veritable goldmine of information regarding the DeFi world.
In addition to the $183 billion market capitalization of USDT, with 79 on Ethereum and a significant 83 on Tron, there are the total $73 billion of USDC, with 48 on Ethereum, nearly 8 on Solana, more than 4 on Base and HyperLiquid, and over 2 on Arbitrum.
It is noteworthy that in third place is the decentralized algorithmic stablecoin DAI, also known as Sky Dollar (USDS), with over 10 billion, while all others have a market cap of less than 7.
The network with the most stablecoins overall remains Ethereum (almost 160 billion dollars), followed by Tron at 84 billion (almost all USDT).
In third place is BSC, but significantly behind ($16 billion), followed by Solana ($15 billion).
Practically almost 60% of the entire current market capitalization of stablecoins is made up solely of USDT, just as nearly 52% of this capitalization is on Ethereum.
In other words, USDT and Ethereum dominate, followed by USDC and Tron.
The Growth of Stablecoins
Despite the fact that stablecoin reserves on centralized exchanges are increasing primarily on a single exchange, namely Binance, over the years their market capitalization has grown almost consistently, when viewed overall.
Using Defillama’s data as a reference, the peak of the previous cycle was reached in April 2022 with an overall market capitalization of nearly 190 billion dollars, which then fell below 124 billion in October 2023.
Starting from 2024, however, there was another strong surge, with the 190 billion mark being surpassed in November, eventually reaching an all-time high in October 2025, precisely around the 307 mark.
Since then, this metric has essentially not changed much, although the all-time high was reached in January of this year, but only slightly above 311 billion.
Generally, the growth of stablecoins does not precede but follows that of the crypto market. For instance, the all-time high of the crypto markets was reached in early October 2025, while that of stablecoins occurred in January 2026.
