Onchain analytics firm, Cryptoquant, and data from cryptoquant.com, highlight that stablecoin exchange reserves have hit a record $68 billion, despite market capitalization showing slower expansion. Analysts noted that the combined stablecoin holdings on centralized exchanges reached an all-time high on Aug. 22, driven by $53 billion in tether ( USDT) and $13 billion in USDC.

Source: cryptoquant.com report.

This breaks the previous record of $59 billion set in February 2022. Yet, despite the accumulation on exchanges, weekly stablecoin market capitalization growth has dropped considerably. Cryptoquant data shows an increase of around $1.1 billion per week, far below the $4–8 billion pace seen during bitcoin’s late-2024 rally.

The analytics company points out that USDT’s 60-day growth has slowed to roughly $10 billion, compared with its December 2024 peak of more than $21 billion. Crucially, the latest expansion rates now sit just under the 30-day moving average, signaling a downshift in fresh liquidity flowing into the market.

Researchers stress that exchange-held stablecoins remain an important signal of potential buying power. Historically, high reserves have bolstered digital asset prices by ensuring plentiful liquidity on exchanges. Still, with issuance tapering, liquidity conditions are supportive but less potent than earlier this year.

The report this week suggests markets could lean toward consolidation instead of extended parabolic moves unless stablecoin growth accelerates again. Cryptoquant market strategists conclude that while overall conditions remain broadly bullish, the cooling pace of growth suggests that the powerful tailwinds of late 2024 have eased.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。