Stablecoins Show $69B on Exchanges

What to Know:

• Stablecoin reserves on exchanges are at a record high, with a significant portion held by Binance, indicating substantial sidelined capital.
• Market signals are mixed, with Bitcoin facing resistance and analysts divided on the sustainability of recent rebounds.
• The concentration of stablecoin liquidity on exchanges, especially Binance, could impact XRP and broader market movements when risk appetite returns.

Stablecoin reserves on centralized exchanges have reached unprecedented levels, signaling a potentially pivotal moment for the crypto market. As of late 2025, exchanges hold $69 billion in stablecoins, a substantial portion of the total $314 billion supply. This concentration of sidelined capital raises questions about the market’s readiness for a significant move, contingent on shifting sentiment and emerging catalysts.

Binance Dominates Exchange Stablecoin Holdings

A recent CryptoQuant analysis highlights the dominance of Binance in holding exchange-based stablecoins. The exchange holds $49 billion, or 71% of all exchange-held stablecoins. OKX holds approximately $10 billion, while Bybit holds around $3 billion. The top three exchanges control about 94% of exchange stablecoin reserves.

Recent Outflows Haven’t Shifted the Balance

Despite some outflows in December, the overall concentration of stablecoins remains skewed towards Binance. Roughly $8 billion in stablecoins left exchanges during the month, including $3 billion from Bybit and about $2 billion from Binance, while OKX stayed near the $10 billion mark. Even with these outflows, Binance still holds roughly 15% of the entire global stablecoin supply.

Mixed Market Signals and Resistance for Bitcoin

Bitcoin experienced a rebound to around $90,000 before encountering resistance. Ethereum also saw gains, reclaiming the $3,000 mark. Market analysts remain divided on the sustainability of these movements. Some point to simultaneous buying by retail traders and whales on Binance as a positive sign, while others caution against negative capital flows and continued spot ETF outflows.

Derivatives Data Suggests Caution

Derivatives data adds another layer of complexity to the market outlook. Bitcoin futures funding rates remain elevated, suggesting that leverage has not fully reset. Without a cooling-off period in the derivatives market, sustaining a stronger recovery may prove challenging.

Implications for XRP and Market Liquidity

The concentration of stablecoin liquidity on a single exchange could have implications for assets like XRP. Should market sentiment shift and risk appetite return, Binance’s substantial stablecoin reserves could translate into significant buying pressure, potentially influencing the price of XRP and other altcoins. The market’s structure, with liquidity heavily concentrated on one exchange, suggests that initial movements could be amplified through a single venue.

Conclusion

The crypto market finds itself at an interesting juncture. Record stablecoin reserves signal ample sidelined capital ready to be deployed. However, mixed market signals and resistance levels for Bitcoin suggest that a clear catalyst is needed to trigger the next major move. The concentration of liquidity on Binance adds another layer of complexity, potentially amplifying the impact of any shift in market sentiment on assets like XRP.

Related: Bitcoin Targets $90,000 as Oil Rises

Source: Original article