Removed asphalt is generally stockpiled. It is sent back to a plant and ground down to a common grain. Later it will be added to other ingredients like house shingles, tires and new asphalt to be used on new roads.
There may be a concern that the newer mixture may be less recyclable. More information is being compiled. This is recycling on a grand scale and if old roads can be used to make new roads that is the essence of recycling.