Stablecoin reserves' growth peaked ahead of the late-2025 crypto price decline, rising $11.4B in the 30 days to November 5, before declining $8.4B by December 23 amid the start of the bear market. The pace of outflows has recently moderated, with reserves down only $2B over the past month.
Binance remains the primary hub for stablecoin liquidity, holding $47.5B in USDT and USDC reserves, up 31% YoY from $35.9B. It accounts for 65% of total USDT and USDC held across centralized exchanges.
OKX, Coinbase, and Bybit trail significantly in stablecoin reserves. OKX holds $9.5B (13% share), Coinbase $5.9B (8%), and Bybit $4B (6%), with balances across Ethereum and TRON networks.
Binance’s stablecoin liquidity is overwhelmingly USDT-driven, with $42.3B in USDT (up 36% YoY from $31.0B) versus $5.2B in USDC, which has remained broadly flat year-on-year.
Written by CQ Research
