Centralized crypto exchanges currently hold approximately $69 billion in stablecoins of the ERC-20 and TRC-20 standards. This amount includes USDT (on Ethereum and TRON networks), as well as USDC, DAI, TUSD, and USDP, which together form a large pool of instant liquidity. Estimates show that the total stablecoin supply in 2025 reached $314 billion, meaning about 22% of the entire supply is held on centralized platforms.
Total Stablecoin Volume on Exchanges
Centralized trading platforms accumulate around $69 billion in stablecoins available for active trading and conversions. These assets are primarily represented in ERC-20 and TRC-20 standards, making these platforms a vital liquidity source for the market. The global stablecoin supply in 2025 amounted to $314 billion, with roughly one-fifth of that volume held on centralized exchanges (CEX).
Binance's Share in the Stablecoin Market
Binance holds $49 billion in stablecoin reserves, which corresponds to about 71% of all stablecoins on centralized exchanges. Across the entire market, this gives Binance roughly 15% of the total stablecoin supply, making it a key hub in distributing instant liquidity. This concentration means a significant portion of market trading flows passes through a single platform.
Comparison of Stablecoin Reserves on Exchanges
The difference between the largest exchanges is noticeable: OKX holds about $10 billion in reserves, while Bybit stores approximately $3 billion in stablecoins. Together, the three largest exchanges control about 94% of all stablecoins on trading platforms, highlighting a high degree of liquidity centralization. For details on stablecoin dynamics and capitalization, see the article on stablecoin dynamics.
Stablecoin Outflows in December 2025
During December, about $8 billion in stablecoins were withdrawn from exchanges, with the largest outflow coming from Bybit—approximately $3 billion. Binance reduced its reserves by $2 billion during the same period but maintained a high reserve level of $49 billion. OKX was more stable in December, holding near $10 billion throughout the month.
Binance's Impact on the Market
The high liquidity concentration on Binance strengthens its influence on short-term price dynamics: the exchange with large reserves can execute significant transactions faster and create price impulses. Meanwhile, other platforms play catch-up roles, as a substantial portion of demand and supply during capital movements passes through a single platform. These factors increase Binance's systemic importance for the stablecoin market.
Why This Matters
If you mine and use stablecoins to store or convert earnings, liquidity concentration on Binance affects the availability of large orders and spreads during rapid capital movements. In cases of sharp outflows or inflows, the main volumes of demand and supply will pass through platforms with the largest reserves, potentially changing execution conditions for large trades. For smaller miners, this usually manifests as changes in liquidity and access times for quick conversions.
What to Do?
Evaluate where you store or convert earned stablecoins and distribute funds considering liquidity centralization risks. If you keep earnings on exchanges, plan withdrawal options and backup platforms to have alternatives for conversion if needed. Finally, monitor volumes on major platforms and liquidity news—this will help you respond faster to changes in order availability.
For examples of using exchanges in large operations, you can read the note about a large Bitcoin whale and its interaction with Binance through stablecoin conversions: stablecoin conversion.