Binance, the world's largest cryptocurrency exchange, currently holds a commanding 59% share of all stablecoin reserves, equivalent to $31.45 billion in USDT and USDC. According to data from CryptoQuant, Binance's stablecoin liquidity is more than three times that of its closest rival, OKX, which holds about 15.4% of the market with $8.20 billion.
Binance also leads in 2025 inflows with $180 billion and reports the highest average Bitcoin (BTC) deposits among exchanges, indicating strong user confidence and significant institutional participation. This substantial liquidity buildup is viewed as a bullish signal that could fuel the next cryptocurrency market breakout.
Despite facing regulatory challenges, including a recent lawsuit by the U.S. Securities and Exchange Commission (SEC) that was ultimately dismissed, Binance maintains dominance in stablecoin reserves and trade volume. Other major exchanges like Coinbase, Bybit, and MEXC hold significantly smaller portions, with Coinbase holding $5.33 billion in stablecoin reserves.
Meanwhile, Coinbase, while boasting larger total reserves ($129 billion compared to Binance's $110 billion), lacks Binance's level of transparency, as Binance provides public Proof-of-Reserves with wallet addresses. This transparency distinction is important for crypto users knowledgeable about on-chain validation.
Spot trading volume across centralized exchanges reached $5.4 trillion in Q1 2025 but fell 16.3% quarter-over-quarter, possibly due to market volatility and intensifying regulations. Additionally, the rise of new initiatives such as the CEX Alliance, which seeks to boost TRON-based meme projects' exposure, reflects ongoing ecosystem innovation.
Data also shows Binance is favored by large holders, with average BTC deposits per transaction at about 7 BTC on May 22, 2025, contrasting with 0.8 BTC on Coinbase and 0.7 BTC on Kraken. This indicates Binance's central role as a preferred platform for significant capital inflows.