Which exchanges hold most stablecoins?

TLDR

Binance, then OKX, then Bybit hold the largest stablecoin pools on centralized exchanges today.

1. Binance holds about $49 billion in exchange stablecoin reserves (around 71% of the total), per a late?December analysis citing CryptoQuant market update.
2. OKX is next with roughly $10 billion in reserves.
3. Bybit holds about $3 billion, and the top three account for roughly 94% of exchange?held stablecoins.

Deep Dive

1. Concentration and Liquidity

Exchange stablecoin reserves are highly concentrated, with Binance alone holding about 71% of all exchange?based stablecoins and nearly 15% of the global stablecoin supply (see the report above). The concentration means deployable spot liquidity is clustered, so when risk appetite returns, initial buying pressure often routes through the deepest venue.

2. Runners Up

OKX sits in second place with around $10 billion in stablecoin reserves (report above). That scale provides substantial immediate buying power for spot markets and can support tighter spreads during fast rotations.

3. Flows and Distribution

Bybit holds about $3 billion, and together Binance, OKX, and Bybit command roughly 94% of exchange stablecoin reserves (report above). December saw outflows of about $3 billion from Bybit and $2 billion from Binance, while OKX remained near $10 billion, yet the ranking and concentration largely persisted.

Conclusion

Binance leads by a wide margin in exchange stablecoin reserves, followed by OKX and then Bybit, with the top three controlling the vast majority of deployable exchange liquidity. This concentration can accelerate moves when sentiment shifts, but it also raises venue concentration risk. Monitoring shifts in these reserve balances helps anticipate where flows may hit first and how quickly liquidity can rotate.