2026-01-20 11:33:08

An interesting phenomenon worth noting: According to the latest data from Token Terminal, the total market capitalization of stablecoins has doubled since the peak in 2021, increasing by 100%. However, there is a major issue—daily trading volume of stablecoins on DEXs is still far below the highs of 2021.

What does this data imply? Are the issuers of leading stablecoins more worth investing in than DEX platforms? Or is this simply a market cyclical adjustment? Everyone might have different opinions. But this contradictory phenomenon definitely warrants deeper reflection.

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AmateurDAOWatcher

· 9h ago

The market cap of stablecoins has doubled, but trading volume has shrunk instead. This is a bit strange. With DEX trading volume so low, it seems that big players are all trading on centralized exchanges. Basically, stablecoins are being used as stores of value, and the actual trading activity has long disappeared. This data actually indicates that market participation is declining, so don't overthink it. Stablecoin issuers are hoarding coins waiting for a rebound, I think. Market cap is growing but trading is sluggish, which is not a good sign. It feels like institutions are accumulating coins, and retail investors have already exited.

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DoomCanister

· 13h ago

The stablecoins have doubled, but the trading volume hasn't kept up yet. That's really a bit outrageous... Are all the funds just sitting in wallets sleeping?

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BagHolderTillRetire

· 15h ago

The market cap of stablecoins has doubled, but trading volume has actually declined, which is a bit strange... Feels like big players are hoarding, and retail investors have all moved on to other things. What does low trading volume indicate? The ecosystem's vitality still isn't enough. USDTs are lying around earning interest, while DEXs are struggling to facilitate trades. I can't quite understand this business logic. Market cap is large but trading volume is small? It feels a bit虚假, maybe one day a large transfer will cause a spike. The issuers of top stablecoins definitely make more money, this logic makes sense—users are users, and money is money for the issuers. The overall market activity is just like this; a big rise in stablecoins isn't necessarily a good thing, right? This phenomenon is indeed abnormal, I always feel there's a story behind it.

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SerumDegen

· 15h ago

stablecoin hodlers just sitting on their bags while dex volumes crater... classic accumulation phase or massive cope? ngl the divergence is sus af

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ser_we_are_ngmi

· 15h ago

The market cap of stablecoins has doubled, but trading volume has actually decreased. This is outrageous—where did the money go? --- Basically, it's still the big players hoarding; retail investors have already left. --- Wait... this logic doesn't add up. If the size is bigger, shouldn't the trading volume be higher? If not frozen, then something's fishy. --- Could it be that stablecoins are being used as a store of value rather than a trading pair? It feels like the ecosystem has indeed changed. --- Issuers are making huge profits, but DEXs are cooling off. This discrepancy doesn't match up. --- Actually, liquidity is concentrated on CEXs now; DEXs have long become a second choice. --- Hmm, interesting. It feels like stablecoins have lost their original use case. --- This is what crypto is all about—data looks good, but what about actual utility? --- Could it be that newly issued stablecoins are gathering dust off-chain or in private key cold wallets?

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