As of September 2025, stablecoin reserves across major exchanges have reached a record high of $68 billion, indicating increased market liquidity and renewed interest in digital asset trading.
Total Stablecoin Reserves
According to CryptoQuant data, the increase in stablecoin reserves has been supported by steady accumulation throughout 2024 and accelerated inflows in mid-2025, particularly for USDT and USDC. Combined reserves have surpassed previous highs set during the 2021–2022 bull market.
Binance's Dominance in the Market
Binance holds $44.2 billion in stablecoin reserves, accounting for 67% of global exchange-held reserves. This figure represents Binance's highest level on record, with an increase of $2.2 billion over the past month attributed to strong USDT inflows and renewed trading demand. USDC reserves on Binance have also rebounded, nearing $10 billion.
BTC-to-Stablecoin Ratio
Binance's Bitcoin-to-stablecoin reserve ratio is nearing a threshold historically linked to major BTC price rallies. A lower ratio indicates increased buying power from stablecoins compared to available Bitcoin. This indicator last activated in March 2025, when Bitcoin hit a low near $78,000.
The growth of stablecoin reserves and Binance's influence on the market could point to intensified buying activity, which in turn has the potential for further increases in cryptocurrency prices.
