Stablecoin liquidity growth has decelerated, with weekly market capitalization expansion dropping to approximately $1.1 billion, a significant decline from the $4 to $8 billion per week observed during Bitcoin's rise in late 2024, according to CryptoQuant. USDT's 60-day growth stands at $10 billion, down from a peak of over $21 billion. Despite the slowdown, total stablecoin reserves on exchanges hit a record $68 billion on August 22, with USDT and USDC accounting for $53 billion and $13 billion, respectively. The market may be more inclined to enter a consolidation phase due to weakened liquidity support.