TechFlame reports that on December 16, Matrixport released its daily analysis, indicating that while the supply of stablecoins is still expanding, the 12-month rolling growth rate peaked and began to decline in late October. Data shows that the annual growth rate of USDT has dropped from its peak of 123% in October to the current 33%, while the annual growth rate of USDC has decreased from its peak to 52%.

Analyst Markus Thielen pointed out that the inflow of stablecoins has cooled in sync with the decline in new liquidity in the cryptocurrency market. One of the key triggers for the weakening liquidity is the Federal Reserve's shift toward a more cautious stance. Although the absolute scale of new inflows remains considerable, the overall liquidity environment may be weaker than previously expected.