Stablecoin Balances on Exchanges Surge

Stablecoin balances on cryptocurrency exchanges are surging, suggesting a potential rebound in crypto liquidity. The exchange balance of stablecoins witnessed a notable increase of 750 million, ranking it among the top five such increments in 2023.

A retrospective data analysis unveils a peak of around 41 billion in stablecoin balance in November 2022, sharply declining to a low of 16 billion by June 2023.

However, recent trends indicate a gradual but consistent uptick, with a balance below 18 billion. This encompasses the balances of stablecoins like $BUSD , $GUSD, $HSUD, $DAI, $USDP, $EURS, $SAI, sUSD, $RUNE $USDT , and $USDC .

Furthermore, a 3% expansion in the 30-day aggregate stablecoin supply may also suggest a potential resurgence of liquidity in the crypto market, marking the highest level since March 2022.

This could signify a renewed influx of liquidity into the crypto space, making it a development worth monitoring closely…