The stablecoin reserves held by Binance proceed to extend.
In line with yesterday’s assertion by CryptoQuant, not solely would they’ve reached $47.5 billion, however this might characterize 65% of all stablecoin liquidity current throughout all exchanges.
In different phrases, Binance alone would have virtually double the stablecoin liquidity current in all different exchanges mixed.
Stablecoins
In line with Defillama knowledge, dollar-denominated stablecoins presently have a complete market capitalization of roughly 307 billion {dollars}.
In line with CryptoQuant knowledge, there are reportedly lower than 80 billion {dollars} in USDT and USDC on the monitored centralized exchanges, on Ethereum and Tron.
This clearly illustrates that the overwhelming majority of stablecoins are literally not held on centralized exchanges, however reasonably on non-custodial wallets or decentralized exchanges.
Furthermore, by combining the whole market capitalization of USDT and USDC, it quantities to $257 billion, which remains to be considerably greater than the lower than $80 billion current on the key centralized exchanges.
The rest is both in different stablecoins (roughly 50 billion), on DEX and non-custodial wallets, on smaller CEX, or on different chains. By combining the market capitalization of stablecoins on Ethereum and Tron, it quantities to 243 billion {dollars}, so there are about 65 billion on different chains.
CryptoQuant’s Evaluation
CryptoQuant reveals that the expansion of stablecoin reserves on main centralized exchanges peaked earlier than the value drop on the finish of 2025, with a rise of $11.4 billion within the previous 30 days, adopted by a decline of $8.4 billion by the top of the yr, coinciding with the onset of the bear market.
Nonetheless, the tempo of outflows has slowed, with reserves lowering by solely 2 billion {dollars} within the final month.
Binance stays the first hub for stablecoin liquidity, with reserves in USDT and USDC growing by 31% in comparison with twelve months in the past.
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 improve, adopted by USDC, which stays regular at $5.2 billion, primarily unchanged from final yr.
Defillama Information
Defillama is a veritable goldmine of knowledge relating to the DeFi world.
Along with the $183 billion market capitalization of USDT, with 79 on Ethereum and a major 83 on Tron, there are the whole $73 billion of USDC, with 48 on Ethereum, almost 8 on Solana, greater than 4 on Base and HyperLiquid, and over 2 on Arbitrum.
It’s noteworthy that in third place is the decentralized algorithmic stablecoin DAI, often known as Sky Greenback (USDS), with over 10 billion, whereas all others have a market cap of lower than 7.
The community with essentially the most stablecoins general stays Ethereum (virtually 160 billion {dollars}), adopted by Tron at 84 billion (virtually all USDT).
In third place is BSC, however considerably behind ($16 billion), adopted by Solana ($15 billion).
Virtually virtually 60% of the whole present market capitalization of stablecoins is made up solely of USDT, simply as almost 52% of this capitalization is on Ethereum.
In different phrases, USDT and Ethereum dominate, adopted by USDC and Tron.
The Development of Stablecoins
Even though stablecoin reserves on centralized exchanges are growing totally on a single trade, specifically Binance, through the years their market capitalization has grown virtually constantly, when seen general.
Utilizing Defillama’s knowledge as a reference, the height of the earlier cycle was reached in April 2022 with an general market capitalization of almost 190 billion {dollars}, which then fell under 124 billion in October 2023.
Ranging from 2024, nevertheless, there was one other sturdy surge, with the 190 billion mark being surpassed in November, ultimately reaching an all-time excessive in October 2025, exactly across the 307 mark.
Since then, this metric has primarily not modified a lot, though the all-time excessive was reached in January of this yr, however solely barely above 311 billion.
Usually, the expansion of stablecoins doesn’t precede however follows that of the crypto market. For example, the all-time excessive of the crypto markets was reached in early October 2025, whereas that of stablecoins occurred in January 2026.