65% of CEX Stablecoins Sit on Binance, Says CryptoQuant

CryptoQuant reports Binance holds 65% of CEX stablecoins as USDT and USDC outflows slow, pointing to growing capital concentration.

Stablecoin flows on centralized exchanges have slowed, and new data shows most exchange-based liquidity concentrates on Binance.

CryptoQuant reports Binance holds 65% of USDT and USDC reserves on CEXs.

Binance Dominates CEX Stablecoin Liquidity

According to CryptoQuant, Binance holds $47.5 billion in USDT and USDC combined.

This accounts for 65% of total USDT and USDC reserves held across centralized exchanges. The figure has increased 31% from $35.9 billion one year ago.

Binance’s stablecoin reserves are largely driven by USDT holdings. The exchange holds $42.3 billion in USDT and about $5.2 billion in USDC.

Year over year, USDT reserves on Binance have risen by 36%, while USDC balances have remained mostly stable.

Other major exchanges trail Binance in reserve size. OKX holds about $9.5 billion, or 13% of CEX stablecoins.

Coinbase accounts for $5.9 billion, or 8%, while Bybit holds roughly $4 billion, or 6%.

Stablecoin Outflows Ease Across Exchanges

CryptoQuant said stablecoin outflows from centralized exchanges totaled about $2 billion over the past month. The figure marks a sharp slowdown compared to late 2025.

At that time, outflows reached $8.4 billion as the bear market began.

Nick Pitto, head of marketing at CryptoQuant, said the recent data reflects consolidation rather than exit.

“Capital isn’t rushing out of crypto right now; it’s consolidating, particularly on Binance,” he said. He added that growth in reserves or redeployment into risk assets would signal a shift.

The moderation in redemptions suggests that funds remain within the crypto ecosystem.

However, CryptoQuant noted that broader market indicators still point to weak conditions.

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Bitcoin Outlook Remains Uncertain

Despite slower outflows, CryptoQuant cautioned that Bitcoin may still face downside risk.

The firm said Bitcoin’s realized price support sits near $55,000 and has not yet been tested in the current cycle.

Analysts described this level as a potential bear market bottom reference.

“Bitcoin’s ultimate bear market bottom is around $55,000 today,” CryptoQuant stated.

At the time of reporting, Bitcoin traded near $68,206 and was down about 1.3% over the previous 24 hours.

CryptoQuant concluded that while stablecoin capital is not exiting the market, it is concentrating on Binance.

The firm said reserve growth or renewed deployment into higher-risk assets would be required to signal a stronger recovery phase.

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