Binance now controls 68.5% of stablecoin reserves on exchanges

Binance is strengthening its position as the dominant player in the stablecoin reserves market. While total stablecoin reserves on centralised exchanges decline from roughly $80 billion to $64 billion, Binance’s share is actually increasing. According to data from CryptoQuant, that share rose from just under 60% to 68.5%, meaning Binance now holds more than two-thirds of all stablecoin liquidity on major exchanges.

In short:

• Stablecoin reserves on centralised exchanges fell from $80 billion to $64 billion in 2026.
• Binance increased its share from around 60% to 68.5% of all exchange stablecoin reserves.
• Other exchanges saw their stablecoin reserves shrink by 30% to 36%.

Total reserves decline, but Binance gains ground

The decline in total stablecoin reserves on exchanges began from a peak in late 2025. Since then, roughly $16 billion in stablecoin liquidity has evaporated across the entire landscape of centralised platforms.

That money is not disappearing entirely from the ecosystem, however, as shown by the analysis by analyst Ali Martinez. A growing share of liquidity is concentrating on the largest and most liquid trading platforms, with Binance as the clear winner.

Other exchanges lose significant market share

While Binance is expanding its position, smaller and mid-sized exchanges are seeing a much sharper contraction. Their stablecoin reserves fell by between 30% and 36%, which is considerably more than the average decline across the entire market.

This pattern points to a consolidation in which traders and investors prefer to hold their stablecoins on platforms with the highest liquidity. Earlier, JPMorgan also explored the launch of its own stablecoin, which shows that interest in stablecoins as an instrument is growing more broadly. The question is whether smaller exchanges can still reverse this concentration trend as Binance further expands its dominance.