NEW YORK, December 29, 2025, 19:40 ET
- Stablecoins worth about $69 billion are held on centralized exchanges, with roughly 71% concentrated on Binance, CryptoQuant data show.
- Total stablecoin supply has climbed to a record $314 billion in 2025, with a sizable share sitting idle on exchanges.
- Traders watch exchange stablecoin balances as a proxy for near-term “buying power” into bitcoin and other tokens.
Stablecoins worth about $69 billion are sitting on centralized crypto exchanges, with roughly 71% concentrated on Binance, according to on-chain analytics firm CryptoQuant.
The concentration matters because stablecoins are cryptocurrencies designed to keep a steady value—often pegged to the U.S. dollar—and are widely used as cash-like collateral for trading.
When those tokens sit on exchanges, traders can deploy them quickly into bitcoin or other assets. Large exchange balances can also amplify moves if sentiment turns and flows hit the market at once.
CryptoQuant data cited by CryptoPotato showed total stablecoin supply reached a record $314 billion in 2025, with about $69 billion held on centralized exchanges—around 22% of the market. Binance held about $49 billion of exchange stablecoin reserves, while OKX had roughly $10 billion and Bybit about $3 billion, leaving the top three with about 94% of the total, CryptoQuant contributor Crazzyblockk wrote on Dec. 29.
The same analysis pointed to a slowdown in on-chain activity and positioning by large holders—often called “whales”—alongside rising futures open interest, a measure of outstanding leveraged bets in derivatives markets.
CoinCentral, also citing CryptoQuant, reported that Tether’s USDT and Circle’s USDC were the most active stablecoins on Binance during 2025, while the exchange’s FDUSD balance fell sharply. It also said stablecoin liquidity shifted toward derivatives venues late in December, with $64 billion held on derivative exchanges and thinner spot activity during the holiday period.
The dominance of Binance in exchange-held stablecoins means a large share of short-term crypto liquidity is concentrated on one venue. That can speed up price moves when traders rotate into risk, but it can also concentrate market impact when positioning unwinds.
Rivals such as OKX and Bybit still hold meaningful stablecoin balances, but far less than Binance, based on the CryptoQuant figures cited in recent reports.
Stablecoin balances can rise for reasons that do not translate directly into immediate buying, including hedging, collateral needs for derivatives trading, and users moving funds between exchanges and personal wallets.
Still, market participants often track net stablecoin inflows and outflows as a real-time proxy for whether capital is moving into trading venues or leaving them.
For now, the CryptoQuant figures suggest a large pool of cash-like tokens remains available on exchanges, even as activity shows signs of caution heading into year-end.
Traders will be watching whether that liquidity stays parked—or starts moving—when the market gets a clearer catalyst.
