Quick Take
The balance of stablecoins on crypto exchanges has seen an uptick, marking a potential turning point in a year characterized by declining liquidity. Yesterday, Nov. 27, the exchange balance of stablecoins surged by an impressive 750 million, placing the day among the top five in 2023 for such increases.
A retrospective look at the data reveals a peak of approximately 41 billion in stablecoin balance in November 2022, which subsequently plummeted to a low of 16 billion by June 2023. However, recent trends show a slow but steady rise, with the balance currently hovering slightly below 18 billion. This includes the balances of stablecoins such as BUSD, GUSD, HSUD, DAI, USDP, EURS, SAI, sUSD, USDT, and USDC.
Moreover, a 3% expansion in the 30-day aggregate stablecoin supply may also indicate a potential resurgence of liquidity in the crypto market, the highest since March 2022. This could signal a renewed inflow of liquidity into the crypto space, which would certainly be a development to watch closely.
The post Stablecoin balances on exchanges surge, hinting at crypto liquidity rebound appeared first on CryptoSlate.
