Binance and Binance.US accounted for nearly three-quarters of stablecoin reserves across monitored crypto platforms, a concentration that alone does not show new deposits or imminent buying.
The two platforms represented roughly 58% of measured reserves in mid-2025. Other monitored platforms account for about one-quarter of the reserves. Their combined share can rise when balances at other monitored platforms contract, even if neither receives fresh deposits.
The figures describe how reserves are distributed across platforms; they do not show whether the overall stablecoin supply is growing. Stablecoins can be used to fund trades in Bitcoin (BTC) and other digital assets, but a large reserve share does not indicate that buying is imminent.
Changes in the total stablecoin supply and subsequent fund movements can help show whether the concentration coincides with new market demand.
