Binance concentrates 67% of stablecoin reserves, a historic level

Understanding the crypto market is not limited to following the fluctuations of Bitcoin or Ether. American macroeconomic factors, geopolitical tensions, and technological innovations strongly influence the cycles. But there is another indicator often overlooked: the movement of liquidity. It sets the tone, as stablecoins, guarantors of stability, sometimes transform into real buying levers. And speaking of liquidity, a record has just fallen.

Binance, the “central bank” of stablecoins 

The numbers speak for themselves: stablecoin reserves on crypto exchanges have reached $68 billion, a historic high. Binance alone concentrates $44.2 billion, or 67% market share. In comparison, OKX follows with $9 billion, while Bybit – which recently signed its return to Europe – and Coinbase cap at respectively $4.2 and $2.6 billion.

CryptoQuant summarizes this dynamic: 

Stablecoin balances on centralized platforms have reached a new high, hitting a record $68 billion.

The analysis also details the breakdown: $37.1 billion in USDT and $7.1 billion in USDC held on Binance. This weight places the platform at the center of global liquidity. Remarkably: in 30 days, Binance saw its reserves inflate by $2.2 billion, while OKX progressed by $800 million.

This dominance raises questions. A commentator on X reminds that this abundance is not synonymous with security: “A liquidity record does not mean security. It means that the dry powder is concentrated in a few hands. When they decide to use it, the crowd follows”.

Stablecoins: dry powder ready to ignite the crypto market

Unlike volatile cryptos, stablecoin deposits on exchanges are seen as reserves ready to be converted. These fiat tokens serve as latent fuel: as soon as investors sense a bullish signal, they shift them towards Bitcoin or Ethereum.

Yet, despite this liquidity record, the bitcoin price retreated around $110,700. This paradox illustrates an expectation: the capital is there, but the trigger is missing.

Key figures to remember

• Absolute record: $68 billion in stablecoins on crypto exchanges;
• Binance dominates with 67% of reserves, i.e., $44.2 billion;
• Recent growth: +$2.2 billion for Binance in one month;
• OKX follows with +$800 million, far behind.

This imbalance clearly shows that power is concentrated. The day Binance or OKX chooses to release this dry powder, the shockwave will be immediate. This centralization presents a double reading: an opportunity for a bullish blaze, but also a vulnerability for the crypto ecosystem if a single entity dictates the tempo.

Over a week ago, some observers already noted strong stablecoin inflows on Binance. This movement signaled increasing demand on the spot market, even amid a massive bitcoin sell-off. This duality, between liquidity inflows and price retreat, perfectly illustrates the current tensions in a crypto market searching for a trigger.