The volume of stablecoins on centralized crypto exchanges has surged to an all-time high of $68 billion. Binance holds $44.2 billion (67%), according to CryptoQuant data.
OKX ranks second with reserves of $9 billion (13.5% of the market), followed by Bybit with $4.2 billion (6.2%) and Coinbase with $2.6 billion (5%).
“Binance maintains its leadership in the stablecoin market: by the end of August, its reserves hit a record $44.2 billion. The exchange accounts for 67% of all USDT and USDC reserves on centralized platforms. Most of the funds are held in USDT — $37.1 billion. However, USDC is gradually regaining ground: its volume on Binance is now $7.1 billion,” analysts claim.
Since the beginning of 2025, Binance’s stablecoin reserves have increased by 48%. In the past 30 days, the exchange added $2.2 billion. OKX increased its reserves by $800 million over the same period.
“The growth of stablecoin reserves on exchanges indicates increased liquidity and traders’ readiness for active trading. Such reserve levels create favorable conditions for further growth of the crypto market, as traders have significant funds to purchase digital assets,” Binance representatives commented.
Earlier, Stripe CEO Patrick Collison outlined the reasons for business interest in stablecoins.