Which CEX holds most stablecoins now?

TLDR

Binance holds the most stablecoins among centralized exchanges now, with a record reserve of about $51.1 billion per a recent analytics update (exchange analysis).

1. Binance: roughly $51.1B stablecoin reserves in mid November 2025 (market update).
2. OKX: near $10B in stablecoin reserves this month (volume and reserves summary).
3. Rising exchange stablecoin balances often signal dry powder waiting to be deployed (research note).

Deep Dive

1. Binance Leads

Binances stablecoin holdings are at an all?time high, around $51.1B, outpacing other venues. This reflects recent inflows into USD?pegged stables like USDT and USDC (market update).

• The surge shows traders preferring Binance for storage and readiness to transact, boosting its liquidity footprint (exchange analysis).
• The mix of ERC?20 versus TRC?20 USDT shifted in recent months, but the combined total still climbed materially (exchange analysis).

2. Runner Up: OKX

OKX is the next largest stablecoin holder, reported near $10B in November. That is well below Binance but still a significant pool for liquidity provisioning (volume and reserves summary).

• Consolidation of liquidity to top venues concentrates execution depth and narrows spreads during volatile phases (volume and reserves summary).
• Balances can move quickly with sentiment and cross?venue flows, so the scale is directional rather than static (volume and reserves summary).

3. Interpreting Balances

High and rising exchange stablecoin balances often indicate capital parked on sidelines, positioned to buy on dips or to rotate across assets. This dry powder dynamic has aligned with BTC price impulses in prior cycles (research note).

• Analytics commentaries frame stablecoin reserves as a leading liquidity signal for crypto risk appetite (research note).
• Caveat: balances are volatile and depend on tracker methodology and included issuers; treat figures as indicative rather than exact (research note).

Conclusion

Binance currently holds the largest stablecoin reserve, with OKX next in line. Large and rising stablecoin balances at major exchanges tend to signal available liquidity for future risk-taking, which can accelerate moves when catalysts appear or volatility resets.