Binance USDC Reserves Drop 40%, USDT Holdings Steady
Binance’s USDC reserves fell 40.3% to $4.6 billion while Tether holdings remained at $38.5 billion, leaving the exchange with about $53 billion, or 57%, of exchange stablecoin reserves.
On-chain data from CryptoQuant shows Binance’s USD Coin (USDC) reserves decreased 40.3%, falling to $4.6 billion from $7.7 billion, while Tether (USDT) balances on the exchange remained at $38.5 billion as of the latest reports.
The combined USDC and USDT balances give Binance roughly $53 billion in stablecoins, equal to about 57% of the $93 billion held across exchange stablecoin reserves. The gap between Binance’s USDT and USDC reserves widened to about $33.9 billion.
Exchange-side stablecoin reserves have increased since early 2025. Total dominant exchange stablecoin balances rose by roughly 61%, adding about $35 billion over that period as Binance’s share of those reserves grew.
On-chain distribution measures show changes in wallet concentration. Data from Santiment indicates the share of total USDT held by the top 100 USDT wallets dropped 0.6% over the past three months. The share of total USDC held by the largest USDC wallets declined 4.7% in the same period.
Total market stablecoin supply remains near $312 billion. CryptoQuant reports that ETF flows and exchange balance trends present mixed signals and that a significant portion of stablecoin liquidity appears to be inactive on-chain.
At present, USDT represents the larger portion of Binance’s exchange balances while USDC’s share on the exchange has fallen. Data used in this report were provided by on-chain analytics firms CryptoQuant and Santiment.
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