Stablecoins hit $310B ATH, but macro and regulatory questions arise
Stablecoins are growing fast, and investors should recognize how liquidity is steadily accumulating across crypto markets.
Token Terminal data showed stablecoin market capitalization expanded from under $5 billion in 2018. By the 24th of December, DeFiLlama data placed total stablecoin supply near $309–310 billion.
Source: Token Terminal
This expansion occurred alongside muted volatility across major crypto assets during the same period.
Rather than chasing price momentum, market participants appeared to prioritize capital stability and flexibility. The trend reflected structural maturity, not short-term speculative excess, across the crypto ecosystem.
So what did this liquidity build-up actually signal about investor…
