Binance, the biggest crypto exchange by trading volume, controls 59% of all stablecoin reserves across centralized exchanges, according to on-chain data. This accounts for $31.45 billion in USDT and USDC alone. It is more than three times the next closest competitor, OKX, which holds $8.2 billion (15.39%).
The stablecoin market cap is on a surge as its capitalization breached the $254 billion mark. Tether’s USDT remains the largest stablecoin with a market cap of more than $153 billion, while USDC remains at the second spot with over $61 billion cap.
Hype for stablecoins is such that even Donald Trump’s World Liberty Financial launched its dollar-pegged USD1 recently.
Binance tops Bitcoin inflows
According to the data, Binance dominates in its central role in crypto liquidity, while Coinbase leads in total reserves with $129 billion. Binance stands in the second spot in all reserves, holding $110 billion. Combined, Coinbase and Binance hold 60% of the total reserves held across the top 20 crypto exchanges.
As of May, Binance received $31 billion in USDT/USDC deposits. It stood just ahead of Coinbase’s $30 billion. A report mentioned that the biggest crypto exchange by trading volume has attracted $180 billion in cumulative stablecoin inflows. Meanwhile, Coinbase does not provide a public Proof-of-Reserves (PoR), but Binance offers transparent PoR reports, and this includes wallet addresses.
It added that Coinbase and Binance bagged the largest cumulative inflows in USD terms in 2025. These figures turn out to be $344 and $335 billion, respectively. However, Binance showed the highest average Bitcoin inflow.
On May 22, as Bitcoin hit a new all-time high of over $111,900, the exchange saw an average BTC deposit size of 7 BTC, the biggest among major exchanges.
Source: CryptoQuant
On the other side, major exchanges’ average deposits were lower. Bitfinex accounted for 5, OKX for 1.23, and it was less than 1 BTC for Kraken and Coinbase.
Stablecoin boom and politics collide
This surge comes as the US Senate is heading into the final stretch of debate on the GENIUS Act. The stablecoin bill could become the first major crypto legislation to pass the chamber as it seeks to regulate the issuers of dollar-pegged tokens like USDT and USDC. However, it has already cleared the Banking Committee and passed an early floor test with bipartisan support.
Some Democrats have begun linking the bill to Donald Trump’s personal crypto ventures. This includes one of the projects closely tied to the president, USD1. Backed by World Liberty Financial, USD1 has exploded in usage.
In just 10 days after its Binance listing, the stablecoin recorded over $10.7 billion in transfer volume. Data shows that from May 22 to June 1, trading volumes surged past all prior records. The week of May 19 alone saw a 1,300% jump in transfer activity. It soared from $307M to $4.3 billion, and by June 1, USD1 had already logged another $6.8 billion, setting a new weekly high.
That surge follows a rapid rise in market cap as USD1 broke into the top six stablecoins in May, surpassing $2 billion. For lawmakers, this growth complicates the GENIUS Act’s final steps, as some argue the legislation could benefit Trump-linked ventures.
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