The Complete Market Capitalization of Stablecoins Fell for 17 Consecutive Months to a Vary of $124 Billion, the Lowest Since August 2021

The cryptocurrency evaluation platform CCData launched the “Stablecoins and CBDC Report”, displaying that the full market worth of stablecoins continued to say no in August.

The decline was 1.28%, falling to the $124 billion vary, setting the bottom document for the market worth of stablecoins since August 2021 and the seventeenth consecutive month of decline out there worth of stablecoins.

Amongst them, the market worth of USDT fell by 0.62% to 83.3 billion US {dollars}, which was additionally the primary decline out there worth of USDT on the finish of the month since October 2022.

As well as, the full transaction quantity of stablecoins additionally fell by 6.14% to $453 billion.

Nevertheless, First Digital Labs’ FDUSD stablecoin jumped 1,410% in August to $305 million in market capitalization after it went stay on Binance final month.

PayPal launched PYUSD, a dollar-pegged stablecoin on Ethereum, which at present has a totally diluted market cap of $27 million.