Binance Leads in Stablecoin Holdings Among Centralized Exchanges, Surpassing Coinbase in Inflows

Binance Leads in Stablecoin Holdings Among Centralized Exchanges, Surpassing Coinbase in Inflows

Binance is dominating the centralized exchange (CEX) landscape with the largest stablecoin reserves, highlighting its central role in global crypto liquidity. As of May 2025, Binance holds $31 billion in stablecoins, including Tether (USDT) and USD Coin (USDC)—59% of the total stablecoin reserves across all CEXs.

By comparison, Coinbase holds $30 billion in stablecoins. However, in terms of total reserves, Coinbase tops the chart with $129 billion, while Binance closely follows with $110 billion in assets including BTC, ETH, USDT, and USDC. Combined, both exchanges account for nearly 60% of total reserves among the top 20 CEXs.

Transparency: Binance Takes the Lead

Unlike Coinbase, which does not currently offer a public Proof-of-Reserves (PoR) framework, Binance provides detailed PoR reports along with wallet addresses—bolstering its reputation for on-chain transparency and trust.

Top Exchange for Inflows

Binance also ranks first in stablecoin inflows, recording $180 billion in cumulative USDT/USDC deposits in 2025, compared to Coinbase’s $170 billion. In terms of total crypto inflows in USD, Coinbase slightly leads with $344 billion, followed closely by Binance at $335 billion.

Binance Sees Highest Average BTC Deposits

On May 22—when Bitcoin hit an all-time high of $112,000—Binance saw the highest average BTC deposit per user at 7 BTC. This far outpaced other exchanges:

• Bitfinex: 5 BTC

• OKX: 1.23 BTC

• Kraken: 0.7 BTC

• Coinbase: 0.8 BTC

Analysts noted, “Binance and Coinbase dominate in both asset holdings and capital inflows, but Binance appears especially well-positioned to attract high-net-worth investors due to its infrastructure and liquidity depth.”