Binance’s stablecoin reserves have now surpassed $45 billion, holding 65% of all stablecoins on centralized exchanges. That 65% figure refers to USDT plus USDC balances that are sitting in centralized exchange wallets attributed to each venue. In other words, it is measuring stablecoins held in exchange-controlled addresses.

At press time, Binance holds about $47.5 billion in USDT and USDC alone. That is a 31% jump in twelve months. Meanwhile, rivals are far behind. OKX holds around $9.5 billion. Coinbase sits near $5.9 billion. Bybit trails with roughly $4 billion.

As the U.S. prepares for a major overhaul that could influence the next phase of crypto big time, stablecoins on exchanges are piling up. Loosened regulations on crypto have hyped up the stablecoin market in the past year and sparked supply. With Binance housing the majority of that stablecoin reserve, capital continues to concentrate there.

Also Read: CME Group to Launch 24/7 Crypto Futures, Options Trading

Furthermore, last month, Federal Reserve Governor Stephen Miran said that stablecoins, digital assets pegged to fiat currency, reinforce the US dollar. Speaking at the Delphi Economic Forum in Athens, Greece, Miran reinforced the bullish stance on the stablecoin as a heavily favored digital asset. “I believe that the sweeping deregulation underway in the United States will significantly boost competition, productivity, and potential growth, allowing faster economic growth without putting upward pressure on inflation,” Miran said.