Stablecoin balances held on centralized crypto platforms have surged, with Binance now controlling the clear majority. The exchange currently holds more than $45 billion worth of dollar-pegged digital assets, accounting for roughly 65% of all USDT and USDC stored in exchange-managed wallets across the industry.
That percentage reflects stablecoins held directly in addresses controlled by exchanges, not user self-custody. Based on recent data, Binance alone holds approximately $47.5 billion in USDT and USDC, representing growth of about 31% over the past year.
Other major platforms trail well behind. OKX holds close to $9.5 billion in stablecoins, while Coinbase sits at around $5.9 billion. Bybit follows with roughly $4 billion.
This concentration is happening as the United States moves toward significant regulatory changes that could reshape the crypto landscape. Easing regulatory pressure over the past year has fueled renewed interest in stablecoins and expanded their overall supply. With Binance hosting the largest share of these assets, liquidity continues to cluster around the platform.
Supportive commentary from policymakers has also added momentum. Last month, Stephen Miran of the Federal Reserve described stablecoins as reinforcing the role of the U.S. dollar. Speaking at the Delphi Economic Forum in Athens, he highlighted deregulation as a potential catalyst for stronger competition, higher productivity, and faster economic growth without increasing inflationary pressure.
