Report: Average stablecoin liquidity per token decreased by 99% from March 2021 to 2025

According to Cryptoslate, a recent report by research firm Decentralisad shows that new capital inflows have stagnated amidst a surge in token numbers, leading to insufficient funding for many cryptocurrency projects. The average stablecoin liquidity of each token has decreased from $1.8 million in 2021 to only $5500 in March 2025, a decrease of 99.7%. This decline indicates that the issuance of tokens continues to increase (currently exceeding 40 million assets), diluting available capital without a corresponding increase in demand or user retention. The inflow rate of new tokens exceeds the expansion rate of the capital pool, resulting in a decrease in liquidity, a weakening of the community, and a decrease in participation. If there is no sustainable source of income, user interest usually dissipates after short-term incentives such as airdrops. Without a sustainable economic structure, attention becomes a liability rather than an asset.