Analysis: Stablecoin growth slows, marginal weakening of liquidity support in the crypto market Matrixport's chart analysis today indicates that while stablecoin supply is still expanding, the rolling 12-month growth rate peaked and started to decline in late October. Stablecoin inflows and new liquidity in the crypto market are cooling down simultaneously. Considering the current pullback, the institution believes that the Fed's shift toward a more cautious stance is one of the key triggers for weaker liquidity. This also suggests that even though the absolute scale of new additions remains considerable, the overall liquidity environment might be weaker than previously expected.