- Binance holds 59% of exchange stablecoin reserves ($31.45B USDT/USDC), over 3x more than second-place OKX’s $8.2B share.
- Binance received the largest average Bitcoin deposits (7 BTC) during Bitcoin’s price peak above $111,900 on May 22.
Data tracking blockchain transactions confirms Binance holds a clear majority of stablecoin reserves among major cryptocurrency exchanges. The exchange currently holds $31.45 billion in the stablecoins USDT and USDC. This amount equals 59% of all stablecoin reserves tracked across centralized trading platforms.
OKX ranks second, holding $8.2 billion in stablecoin reserves, representing 15.39% of the total. Binance’s stablecoin holdings exceed OKX’s by more than three times.
The overall supply of stablecoins continues to grow. The combined market value of these dollar-linked tokens now surpasses $254 billion. Tether’s USDT remains the largest, with a market value exceeding $153 billion. Circle’s USDC holds second place with a market value above $61 billion.
Interest in stablecoins has expanded into politics. President Donald Trump’s venture, World Liberty Financial, recently launched its own dollar-pegged stablecoin named USD1.
Binance Leads Bitcoin Deposits Among Major Exchanges
Analysis of exchange holdings reveals Coinbase holds the largest total reserve value across all assets, at $129 billion. Binance follows with $110 billion. Together, these two exchanges account for 60% of the total assets held by the top 20 exchanges.
During May, Binance received $31 billion in combined USDT and USDC deposits. This placed it just ahead of Coinbase, which received $30 billion. Reports indicate Binance has attracted a total of $180 billion in stablecoin deposits over time. While Binance provides public Proof-of-Reserves reports, including wallet addresses, Coinbase does not currently offer this transparency.
Coinbase and Binance also recorded the largest total deposit values in 2025, reaching $344 billion and $335 billion respectively. However, Binance saw larger average Bitcoin deposits.
This was evident on May 22nd, when Bitcoin reached a new peak price above $111,900. On that day, the average size of a Bitcoin deposit sent to Binance was 7 BTC. This was the highest average deposit size among major exchanges.
Other exchanges recorded lower averages. Bitfinex saw average deposits around 5 BTC, OKX around 1.23 BTC, while Kraken and Coinbase averaged deposits of less than 1 BTC.
Stablecoin Growth Meets Legislative Action
The increase in stablecoin activity occurs as the US Senate debates the GENIUS Act. This proposed legislation aims to regulate companies issuing dollar-linked tokens like USDT and USDC. It has progressed through the Banking Committee and received initial bipartisan support, potentially becoming the first major crypto law passed by the Senate.
Some Democratic lawmakers have started connecting the bill to Donald Trump’s crypto activities, specifically the USD1 stablecoin. Backed by World Liberty Financial, USD1 adoption has increased rapidly.
Data shows substantial transfer volume for USD1 shortly after it became available on Binance. Within the first 10 days of its listing, USD1 recorded over $10.7 billion in transfer volume. ETHNews Analysis from May 22nd to June 1st indicates trading volumes broke previous records.
Specifically, the week starting May 19th saw transfer activity increase by 1,300%, jumping from $307 million to $4.3 billion. By June 1st, USD1 logged an additional $6.8 billion, setting a new weekly record.
Binance Coin (BNB) is trading at $655.30 USD, down −1.21% on the day. Over the past week, BNB has slipped −4.61%, yet maintains a +9.58% gain for the month. Year-to-date, BNB remains in slightly negative territory at −6.59%, and over the last six months, it is down −10.43%, reflecting a broader consolidation phase following the strong gains of 2023.
Technically, BNB is trading within a broad consolidation band, currently holding support above the $634–$650 zone. A bounce from current levels could set the stage for a push toward $693, and a successful breakout above that may trigger a move to $732 or even $761. However, if bearish pressure persists and the $634 support fails, BNB could retrace toward the $600–$615 range.
From a fundamental standpoint, BNB remains a key utility token powering the Binance ecosystem, which continues to dominate centralized exchange volume globally. Notably, the Maxwell Hard Fork has been deployed on testnet, aimed at improving network speed and bringing BNB Chain closer to Ethereum-level performance. In addition, the launch of new real-world asset (RWA) incentive programs is drawing fresh developer and user interest.
