CryptoQuant: Binance Controls 65% of Exchange Stablecoin Liquidity as Capital Concentrates

Binance is emerging as the dominant venue for crypto liquidity as stablecoin balances and spot trading activity increasingly concentrate on a single exchange, according to new data from CryptoQuant.CryptoQuant data shows that $47.5 billion in stablecoins is currently held on one exchange, with Binance accounting for roughly 65% of all stablecoin liquidity across centralized exchanges. The concentration comes even as broader bear market outflows continue to slow, signaling a shift in where capital is parked rather than an exit from crypto altogether.Stablecoin Liquidity Concentrates on BinanceStablecoins are a key proxy for deployable capital in crypto markets, often used as dry powder for trading, hedging, and risk management. CryptoQuant’s figures indicate that while overall exchange balances have stabilized, liquidity is increasingly clustering on Binance rather than dispersing across competitors.This dynamic suggests that traders and institutions are prioritizing venues with deeper order books, higher execution reliability, and lower slippage during volatile conditions.Binance Drives January Spot Market GrowthSpot market data reinforces the same trend. In January, Binance generated $409 billion in spot trading volume, marking a 12% month-over-month increase, according to CryptoQuant. That figure accounted for nearly half of total global centralized exchange (CEX) spot market growth during the month.By comparison, Binance’s spot volume was almost five times larger than the next-largest exchange, underscoring a widening gap in effective liquidity.The data points to real trading activity rather than promotional volume, with CryptoQuant highlighting that the growth reflects sustained user participation and capital deployment.