Exchange’s Stablecoin reserves hit $68B, while supply growth slows

Centralized exchanges’ Stablecoin reserves have climbed to a new record of $68 billion, even with supply growth slowing. The latest milestone recorded on August 22 was driven by $53 billion in USDT Holdings and $13 billion in USDC balances.

According to reports on the amount of encryption of chain aggregators, this marks a significant breakthrough in early recording. The new total exceeded the previous peak of $59 billion in February 2022, when BUSD had a larger role. Since then, reserves have more than doubled from their October 2023 lows, a $28 billion increase in growth after Donald Trump’s election victory.

Cooling momentum in stable fluidity

A stable balance is often seen as a signal of strong market liquidity. They provide the funds needed to purchase assets, making it a key factor in supporting digital asset price activities.

However, despite record levels of exchange, the wider expansion of stable supply supply shows signs of slowing. Net additions have decreased since November 2024, with recent inflows being only $1.1 billion, while an increase of $400-800 million in earlier months.

The crypto volume survey pointed out that this weaker supply expansion reduces the intensity of liquidity conditions in the crypto market. In previous cycles, rapid and steady growth was consistent with well-known price integration, especially in Bitcoin and other major assets.

Therefore, periods of strong inflows usually reflect new capital entering the ecosystem. The current slowdown shows that less fresh funds are entering Stablecoins, which may limit the pace of further market progress.

Although the market dominates

Tether continues to dominate exchange reserves, but its growth rate eased in 2025. USDT supply has increased by $10 billion over the past 60 days. That’s less than half of the $21 billion recorded at the end of 2024.

The latest figure reflects a slowdown, which is also slightly below the 30-day moving average, indicating a slowdown in capital inflows. CryptoQuant interprets this as a downward momentum in one of the largest sources of liquidity in the market.

Even so, the report concluded that liquidity still supports it, albeit not as strong as it was in the end of 2024. However, the updated issuance may still trigger another round of bullish momentum.