Binance Holds 59% of Industry Stablecoin Reserves, Attracts $180 Billion in 2025

Binance has solidified its position as a leader in the cryptocurrency exchange market by holding the largest reserves of stablecoins among major exchanges. According to the latest data from CryptoQuant, Binance's wallets contain approximately $31 billion in USDT and USDC, which constitutes about 59% of all stablecoin reserves in the industry. This substantial holding underscores Binance's significant role in providing liquidity for trading activities.

Stablecoins are crucial for traders as they function similarly to cash, facilitating quick and efficient transactions. Binance's large share of stablecoin reserves indicates its effectiveness in attracting capital ready for trading, thereby enhancing its liquidity and market presence. In May, Binance received $31 billion in USDT and USDC deposits, slightly surpassing Coinbase, which reported $30 billion during the same period. For the year to date, Binance has attracted $180 billion in cumulative stablecoin inflows, compared to Coinbase's $195 billion, highlighting the consistent appeal of both platforms to institutional and retail investors.

In terms of total exchange reserves, Coinbase leads with $129 billion, followed by Binance with $110 billion. Together, they account for 60% of the total reserves across the top 20 centralized exchanges, with holdings spread across Bitcoin, Ethereum, and major stablecoins. While both exchanges are dominant in scale, they differ in their approach to transparency. Binance distinguishes itself by publishing comprehensive Proof-of-Reserves (PoR) reports, including wallet addresses that verify its on-chain holdings. This transparency enhances Binance's credibility among crypto-native users who value decentralization and verifiability. In contrast, Coinbase relies on traditional financial disclosures to build institutional trust, reflecting a more regulated approach to exchange operations.

Beyond stablecoins, Binance continues to attract large market participants through Bitcoin inflows. On May 22, when Bitcoin reached an all-time high of $112,000, the average Bitcoin deposit to Binance spiked to 7 BTC, the highest among all exchanges. For comparison, Bitfinex saw an average of 5 BTC, while OKX, Kraken, and Coinbase recorded lower figures—1.23, 0.7, and 0.8 BTC, respectively. These numbers suggest that Binance is the preferred venue for whales and high-volume traders.

The broader capital inflow trends for 2025 further reinforce the leadership of Binance and Coinbase. Binance has drawn $335 billion in cumulative USD inflows this year, slightly behind Coinbase’s $344 billion. These volumes not only indicate user trust but also serve as indicators of liquidity depth, platform stability, and the perceived security of each exchange. In summary, Binance's dominant position in stablecoin reserves, coupled with its public Proof-of-Reserves and appeal to large Bitcoin holders, positions it as a cornerstone of global crypto liquidity. While Coinbase maintains a lead in overall reserves and capital inflows, Binance's transparency and consistent performance in attracting capital inflows suggest it remains a formidable leader in the competitive exchange sector.