Stablecoin Liquidity Hits $68B, Binance Tops With $44.2B: CryptoQuant

The most recent report by CryptoQuant notes that the overall liquidity of stablecoins on centralized exchanges has reached a new high, recording $68 billion. This milestone on these platforms is the highest since they have been observed

Binance has succeeded in retaining its position as the top, and it has stablecoins worth $44.2 billion. The majority of its stablecoins are in USDT and USDC; it has $37.1 billion of USDT and $7.1 billion of USDT

On the other hand, the total stablecoins of OKX are valued at $9.0 billion, yet the share of Coinbase and Bybit is less compared to Binance and OKX

From 2025 opening the hype of stablecoin has reached a milestone never before, and the regulatory clarity in the United States, Hong Kong, and Japan seems to be shaping the sector at a rapid speed.

Binance led the charge with OKX in monthly growth

As per the report by CryptoQuant, the stablecoin holding of Binance grew by $2.2 billion in the same frame, the OKX’s holdings surged by $800 million

It is worth noting that the stablecoin held by Bybit is valued at $4.2 billion, and Coinbase had $2.6 billion of stablecoins

The stablecoin reserve of Binance was valued at $30.2 billion at the beginning of this year, mainly consisting of USDT and USDC. With a 48% surge, it is now $44.2 billion

Nevertheless, the growth of Bybit and Coinbase remained slow, and in the past 30 days, it has grown by just $167 million, while other exchanges together have increased their stablecoin holdings by $1.9 billion.

Binance continues to dominate in spot & derivatives trading

According to the data from CoinMarketCap, the spot trading volume of Binance in the past 24 hours is $19,831,110, 052 followed by Bybit with a volume of $3,777,100,368, and Coinbase Exchange had a volume of $2,742,524,793.

Binance remains the topper in derivatives trading in the past 24 hours with a volume of $86,717,727,584, followed by Bitget at $35,347,156,319. OKX had a volume of $37,214,646,201, and Bybit remained at the 4th rank with a volume of $31,669,128,909

Since the last few years, Binance has topped the list of centralized exchanges in terms of volume, usage, and number of users, yet it has also been slammed by regulators and governments of different nations, including India.

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