Stablecoin Liquidity Hits Record $68B as Binance Leads Inflows

Key Points:

• Total stablecoin reserves reach an all-time high of $68B across major exchanges.
• Binance dominates with $44.2B in reserves, gaining $2.2B over the past 30 days.
• BTC-to-stablecoin ratio on Binance nears key level historically linked to major Bitcoin rallies.

Stablecoin reserves across major exchanges have reached a record $68 billion by September 2025, according to CryptoQuant data. This surge reflects growing market liquidity and renewed interest in digital asset trading.

The increase follows steady accumulation through 2024 and accelerated inflows during mid-2025, especially across USDT and USDC. Combined reserves surpassed previous highs set during the 2021–2022 bull market.

USDT remains the dominant stablecoin, followed by USDC, which has recovered after a sharp decline in 2023. Other stablecoins like DAI, FDUSD, and TUSD contribute smaller shares of total reserves.

The growth suggests increasing buying power across exchanges, often preceding heightened market activity in spot and derivative markets. Rising reserves typically support upward momentum across major crypto assets.

Binance Controls 67% of Global Stablecoin Liquidity

Binance holds $44.2 billion in stablecoin reserves, accounting for 67% of global exchange-held reserves as of September 2025. This marks Binance’s highest level on record.

Its reserves have grown by $2.2 billion over the last 30 days, driven by strong USDT inflows and renewed trading demand. USDC reserves on Binance have also recovered, nearing $10 billion after declining in 2023.

Exchanges Stablecoin Reserves -ERC20 and TRC20 Tokes | Source : CryptoQuant

OKX follows with $9 billion in stablecoin holdings, gaining $800 million in the same 30-day period. Bybit ranks next with reserves between $5 billion and $6 billion, reflecting its growing market share.

Coinbase, in contrast, has seen its stablecoin reserves fall below $2 billion after peaking above $8 billion during 2021–2022. This shift highlights changing liquidity preferences among global traders.

The concentration of reserves on Binance signals reliance on a single platform for stablecoin-driven liquidity. Meanwhile, OKX and Bybit continue to expand their presence as secondary liquidity hubs.

BTC-to-Stablecoin Ratio Nears Rare Buy Signal on Binance

Binance’s Bitcoin-to-stablecoin reserve ratio is nearing a threshold that previously preceded major BTC price rallies. A lower ratio signals increased buying power from stablecoins relative to available Bitcoin.

This indicator last triggered in March 2025, when Bitcoin bottomed near $78,000 before rallying to a new all-time high above $123,000. It has only flashed twice since the last bear market cycle.

As of now, Binance’s ERC20-based stablecoin reserves have risen to $37.8 billion, up sharply from early 2023 lows below $10 billion. This liquidity growth strengthens the potential for bullish continuation.

If confirmed, the signal could align with rising market momentum, driven by high reserves and expanding capital inflows.