Stablecoin reserves on centralized exchanges have climbed to a new record of $68 billion, even as supply growth has slowed. The latest milestone, recorded on August 22, was driven by $53 billion in USDT holdings and $13 billion in USDC balances.
According to a report by the on-chain aggregator CryptoQuant, this marks a clear break from earlier records. The new total surpasses the previous peak of $59 billion set in February 2022, when BUSD had a larger role. Reserves have since more than doubled from their October 2023 low, boosted by a $28 billion increase after Donald Trump’s election victory.
Cooling Momentum in Stablecoin Liquidity
Rising stablecoin balances are often viewed as a signal of strong market liquidity. They provide the funds necessary for asset purchases, making them a key factor in supporting price activity across digital assets.
However, despite record levels on exchanges, the broader expansion of stablecoin supply has shown signs of slowing. Since November 2024, ne
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