The total stablecoin market cap continued to decrease In August, recording its 17th consecutive month of decline, falling 1.28% to $124bn. This is the lowest stablecoin market cap recorded since August 2021.

Key takeaways:

• Stablecoin trading volumes fell 6.14% to $453bn as volatility continued to dry up
• In August, the market cap of USDT fell 0.62% to $83.3bn, recording the first decline in end-of-month market cap for USDT since October 2022.
• The market cap of First Digital Labs’ FDUSD stablecoin jumped 1410% to $305mn in August, following its launch on Binance last month.
• In August, PayPal launched its USD-pegged stablecoin, PYUSD, on Ethereum. The fully diluted market cap of the stablecoin is currently $27mn.