🔶️ Exchange custody ≠ ownership

Binance holding a large % of a stablecoin supply means users are custodying it on the exchange, not that Binance or CZ “controls” the asset.

🔶️ Liquidity naturally concentrates on the biggest exchange

Binance is the largest CEX by volume. New or less-distributed stablecoins always concentrate where liquidity, pairs, and users are.

🔶️ On-chain addresses ≠ Binance balance sheet

Blockchain data shows where tokens sit, not who owns them. Customer funds, market makers, issuers, and liquidity providers all use exchange wallets.

🔶️ No minting power, no control

Binance does not mint the stablecoin, set its policy, or manage its reserves. Custody ≠ governance.

🔶️ Same pattern seen with USDT, USDC, BUSD (historically)

This is standard market structure, not a red flag. Large exchanges always hold a big share during early adoption.

🔶️ Narrative framing matters

Highlighting concentration without explaining how exchanges work creates fear, even when the mechanics are normal.

This is how crypto infrastructure works at scale.

Stay factual, stay rational