diff --git a/packages/toolkit/src/query/defaultSerializeQueryArgs.ts b/packages/toolkit/src/query/defaultSerializeQueryArgs.ts
index 61bd2e55b4..e4988ead2c 100644
--- a/packages/toolkit/src/query/defaultSerializeQueryArgs.ts
+++ b/packages/toolkit/src/query/defaultSerializeQueryArgs.ts
@@ -2,21 +2,38 @@ import type { QueryCacheKey } from './core/apiState'
 import type { EndpointDefinition } from './endpointDefinitions'
 import { isPlainObject } from '@reduxjs/toolkit'
 
+const cache: WeakMap<any, string> | undefined = WeakMap
+  ? new WeakMap()
+  : undefined
+
 export const defaultSerializeQueryArgs: SerializeQueryArgs<any> = ({
   endpointName,
   queryArgs,
 }) => {
+  let serialized = ''
+
+  const cached = cache?.get(queryArgs)
+
+  if (typeof cached === 'string') {
+    serialized = cached
+  } else {
+    const stringified = JSON.stringify(queryArgs, (key, value) =>
+      isPlainObject(value)
+        ? Object.keys(value)
+            .sort()
+            .reduce<any>((acc, key) => {
+              acc[key] = (value as any)[key]
+              return acc
+            }, {})
+        : value
+    )
+    if (isPlainObject(queryArgs)) {
+      cache?.set(queryArgs, stringified)
+    }
+    serialized = stringified
+  }
   // Sort the object keys before stringifying, to prevent useQuery({ a: 1, b: 2 }) having a different cache key than useQuery({ b: 2, a: 1 })
-  return `${endpointName}(${JSON.stringify(queryArgs, (key, value) =>
-    isPlainObject(value)
-      ? Object.keys(value)
-          .sort()
-          .reduce<any>((acc, key) => {
-            acc[key] = (value as any)[key]
-            return acc
-          }, {})
-      : value
-  )})`
+  return `${endpointName}(${serialized})`
 }
 
 export type SerializeQueryArgs<QueryArgs, ReturnType = string> = (_: {
diff --git a/packages/toolkit/src/query/tests/defaultSerializeQueryArgs.test.ts b/packages/toolkit/src/query/tests/defaultSerializeQueryArgs.test.ts
index 0204022846..9ec8a07dd7 100644
--- a/packages/toolkit/src/query/tests/defaultSerializeQueryArgs.test.ts
+++ b/packages/toolkit/src/query/tests/defaultSerializeQueryArgs.test.ts
@@ -44,3 +44,69 @@ test('nested object arg is sorted recursively', () => {
     `"test({\\"age\\":5,\\"name\\":{\\"first\\":\\"Banana\\",\\"last\\":\\"Split\\"}})"`
   )
 })
+
+test('Fully serializes a deeply nested object', () => {
+  const nestedObj = {
+    a: {
+      a1: {
+        a11: {
+          a111: 1,
+        },
+      },
+    },
+    b: {
+      b2: {
+        b21: 3,
+      },
+      b1: {
+        b11: 2,
+      },
+    },
+  }
+
+  const res = defaultSerializeQueryArgs({
+    endpointDefinition,
+    endpointName,
+    queryArgs: nestedObj,
+  })
+  expect(res).toMatchInlineSnapshot(
+    `"test({\\"a\\":{\\"a1\\":{\\"a11\\":{\\"a111\\":1}}},\\"b\\":{\\"b1\\":{\\"b11\\":2},\\"b2\\":{\\"b21\\":3}}})"`
+  )
+})
+
+test('Caches results for plain objects', () => {
+  const testData = Array.from({ length: 10000 }).map((_, i) => {
+    return {
+      albumId: i,
+      id: i,
+      title: 'accusamus beatae ad facilis cum similique qui sunt',
+      url: 'https://via.placeholder.com/600/92c952',
+      thumbnailUrl: 'https://via.placeholder.com/150/92c952',
+    }
+  })
+
+  const data = {
+    testData,
+  }
+
+  const runWithTimer = (data: any) => {
+    const start = Date.now()
+    const res = defaultSerializeQueryArgs({
+      endpointDefinition,
+      endpointName,
+      queryArgs: data,
+    })
+    const end = Date.now()
+    const duration = end - start
+    return [res, duration] as const
+  }
+
+  const [res1, time1] = runWithTimer(data)
+  const [res2, time2] = runWithTimer(data)
+
+  expect(res1).toBe(res2)
+  expect(time2).toBeLessThanOrEqual(time1)
+  // Locally, stringifying 10K items takes 25-30ms.
+  // Assuming the WeakMap cache hit, this _should_ be 0
+  expect(time2).toBeLessThan(2)
+})