Quarterly Survey of Stablecoin Liquidity and Reserve Compositions

Reserve Quality Trends

Disclosure cadence improved this quarter as issuers adopted shorter reporting lags and richer breakdowns of collateral buckets. We benchmark the duration, credit mix, and liquidity coverage ratios of the top five USD-referenced stablecoins against Aureon's treasury risk framework.

Highlights

• T-bill allocations continue to climb, with the weighted average maturity shortening to 43 days.
• Intraday redemption windows expanded across three issuers, reducing operational frictions for OTC desks.
• On-chain liquidity remains deepest on Ethereum, but Solana venues posted the largest quarter-over-quarter growth.

Our comparative dashboard enables treasury leads to stress test redemption assumptions and align settlement workflows with reserve composition realities.