Report: 99% decrease in average stablecoin liquidity per token from March 2021 to 2025

According to a recent report by research firm Decentralised, new capital inflows have stalled amid a surge in the number of tokens, leaving many crypto projects underfunded. Average stablecoin liquidity per token has declined by 99.7% from $1.80 million in 2021 to just $5,500 in March 2025. This decline indicates that increasing token issuance (which now exceeds 40 million assets) has diluted available capital without a corresponding increase in demand or user retention. The inflow of new tokens has outpaced the expansion of the capital pool, resulting in lower liquidity, weaker communities and lower engagement. Without a sustainable revenue stream, user interest usually dissipates after short-term incentives like airdrops. Without a sustainable economic structure, attention becomes a liability, not an asset.