Stable coin flows on centralized exchanges have slowed and new data shows that most exchange-based liquidity is concentrated on Binance.
CryptoQuant reports that Binance owns 65% of the USDT and USDC reserves on CEXs.
Binance dominates CEX Stablecoin liquidity
According to CryptoQuant, Binance holds a combined $47.5 billion in USDT and USDC.
This accounts for 65% of the total USDT and USDC reserves held on centralized exchanges. This figure is up 31% from $35.9 billion a year ago.
$47.5 billion worth of stablecoins now sits on a single exchange.
Binance holds 65% of all stablecoin liquidity on the exchange, while its competitors lag far behind, even as outflows from the bear market are slow.
Capital doesn’t leave crypto, it concentrates. pic.twitter.com/BeSJvBaXP5
— CryptoQuant.com (@cryptoquant_com) February 17, 2026
Binance’s stablecoin reserves are largely determined by USDT holdings. The exchange holds $42.3 billion in USDT and approximately $5.2 billion in USDC.
Year over year, USDT reserves on Binance have increased by 36%, while USDC balances have remained largely stable.
Other major exchanges follow Binance in terms of reserve size. OKX owns approximately $9.5 billion, or 13% of the CEX stablecoins.
Coinbase accounts for $5.9 billion, or 8%, while Bybit holds about $4 billion, or 6%.
The outflow of stable coins facilitates exchanges
CryptoQuant said stablecoin outflows from centralized exchanges totaled about $2 billion last month. This figure indicates a sharp slowdown compared to the end of 2025.
At the time, outflows were $8.4 billion when the bear market began.
Nick Pitto, head of marketing at CryptoQuant, said the recent data reflects consolidation rather than exit.
“Capital is not flowing out of crypto right now; it is consolidating, especially on Binance,” he said. He added that growth in reserves or reallocation to risky assets would signal a shift.
The moderation in redemptions suggests that funds remain within the crypto ecosystem.
However, CryptoQuant noted that broader market indicators still point to weak conditions.
Related reading: Binance Expands RLUSD Support with XRPL Integration
Bitcoin Outlook Remains Uncertain
Despite a slower outflow, CryptoQuant warned that Bitcoin could still face downside risk.
The company said Bitcoin’s realized price support is close to $55,000 and remains untested in the current cycle.
Analysts described this level as a potential bottom reference for a bear market.
“Bitcoin’s ultimate bear market bottom is around $55,000 today,” CryptoQuant said.
At the time of reporting, Bitcoin was trading around $68,206 and was down about 1.3% over the past 24 hours.
CryptoQuant concluded that while stablecoin capital is not leaving the market, it is concentrating Binance.
The company said reserve growth or redeploying into higher-risk assets would be needed to signal a stronger recovery phase.
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