The Andersen Institute estimated $76 billion of reserve-backed stablecoins held at centralized exchanges as of July 28, a figure likely underestimated due to unidentified wallets. The Fed proposes a two-business-day redemption limit for Board-supervised issuers, with exceptions and eligibility requirements. This proposal only covers obligations of Fed-supervised issuers, while customer withdrawals on exchanges remain governed by each venue’s terms. The Andersen Institute also documented the March 2023 USDC stress episode, during which exchanges held 15.2% of supply but accounted for 40% of the subsequent decline.
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