In the 2025 crypto market, Binance sits firmly at the top of stablecoin liquidity with $31 billion in USDT and USDC reserves, accounting for 59% of the industry's total reserves. Since the beginning of the year, the platform has attracted $180 billion in stablecoin deposits, far surpassing competitors and becoming the preferred choice for capital allocation. Although Coinbase leads with $129 billion in total crypto asset reserves, Binance follows closely, holding $110 billion in BTC, ETH, and stablecoins. The two major exchanges jointly control 60% of the top 20 CEX reserves, with Binance demonstrating transparency through on-chain reserve proof, in contrast to Coinbase's undisclosed wallet data, further enhancing trader trust. May data shows Binance's stablecoin inflow ($31 billion) slightly exceeding Coinbase ($30 billion), continuing the dominant trend of both platforms in institutional and retail capital flow. Their total inflow in 2025 reached $679 billion, crushing competitors and reinforcing the crypto capital market's duopoly. Simultaneously, global stablecoin legislation is accelerating, with the US and Hong Kong pushing forward related bills within 48 hours, marking a new chapter in digital asset market regulation.
Binance Leads Industry with $31 Billion Stablecoin Reserves, Records Capital Inflow
Binance has consolidated its dominant position in stablecoin liquidity, holding $31 billion in USDT and USDC, accounting for 59% of the industry's total reserves. The exchange has attracted $180 billion in stablecoin deposits since the beginning of the year, far surpassing competitors and becoming the preferred platform for capital allocation.
Although Coinbase leads with $129 billion in total crypto asset reserves, Binance follows closely, holding $110 billion in BTC, ETH, and stablecoins. The two major exchanges jointly control 60% of the top 20 CEX reserves. Binance demonstrates transparency through on-chain reserve proof, contrasting with Coinbase's undisclosed wallet data, enhancing trader trust.
May data shows Binance's stablecoin inflow ($31 billion) slightly beating Coinbase ($30 billion), continuing the dominant trend of both platforms in institutional and retail capital flow. Their combined 2025 inflow of $679 billion crushes competitors, reinforcing the duopoly in the crypto capital market.
Global Stablecoin Legislation Accelerates: US and Hong Kong Move in Sync
The crypto regulatory landscape saw a dramatic change last week, with the US and Hong Kong advancing stablecoin legislation within 48 hours. After the US Senate passed the GENIUS Act on May 19, the Hong Kong Legislative Council approved the Stablecoin Bill on May 21, marking a new phase in digital asset market monetary influence competition.
Stablecoins—digital tokens pegged to fiat currency—have become the new battleground for global financial hegemony. These measures echo the historical strategy of US dollar dominance, when control over oil trading and trade settlement consolidated dollar hegemony. Today, countries are actively shaping the rules for digital currency expansion.
This regulatory sprint occurs against the backdrop of monetary structure evolution. The Bretton Woods system once tied currency to gold, later oil trading strengthened the dollar's primary status, and stablecoins now represent the third wave of mechanism for expanding monetary influence through blockchain networks.
Tether Prioritizes Emerging Markets, Disregards US Crypto-Friendly Policies
Tether Holdings Ltd. reaffirmed its strategic focus on developing economies, with CEO Paolo Ardoino announcing continued prioritization of Latin American, Asian, and African markets. Despite the Trump administration's pro-crypto stance creating favorable conditions domestically, this stablecoin issuer remains committed to its core mission—serving regions with underdeveloped financial infrastructure.
The company currently avoids directly serving US customers, though US traders can still access USDT through third-party platforms. Any potential USD-pegged token issuance would face strict regulatory scrutiny and mandatory audit procedures—in stark contrast to its operational flexibility in emerging markets.
Stablecoins and Tokenization: Unveiling the Digital Face of the Dollar
Stablecoins have become a polarizing force in the crypto world—some call them revolutionary like sliced bread, others see them as tools of dollar hegemony. The 1944 Bretton Woods system laid the foundation for today's monetary structure, pegging global currencies to the dollar, which was backed by gold. This framework now finds a digital counterpart in stablecoins, effectively hard-coding the dollar into blockchain transactions.
Tokenization could completely rewrite the rules. As countries compete to update their financial infrastructure in preparation for a potential post-dollar era, stablecoins serve as both bridge and battlefield. The executive order signed by former President Trump within 72 hours of returning to office—interpreted by crypto enthusiasts as tacit approval—highlights the growing political dimension of this transformation.
