Report: From March 2021 to 2025, the liquidity of stablecoins for each token decreased by 99% on average

According to a recent report by research company Decentralised, the influx of new capital has stalled amidst a surge in token numbers, leading to many crypto projects being underfunded. The average stablecoin liquidity per token dropped from $1.8 million in 2021 to just $5,500 in March 2025, a decrease of 99.7%. This decline indicates that while the number of tokens issued continues to increase (currently exceeding 40 million assets), it dilutes available capital without corresponding increases in demand or user retention rates. The inflow speed of new tokens exceeds the expansion speed of the capital pool, resulting in decreased liquidity, weaker communities and lower participation levels. User interest typically dissipates after short-term incentive measures such as air drops if there is no persistent source of income. Without a sustainable economic structure, attention becomes a liability rather than an asset.