The cryptocurrency analysis platform CCData released the “Stablecoins and CBDC Report”, showing that the total market value of stablecoins continued to decline in August.
The decline was 1.28%, falling to the $124 billion range, setting the lowest record for the market value of stablecoins since August 2021 and the 17th consecutive month of decline in the market value of stablecoins.
Among them, the market value of USDT fell by 0.62% to 83.3 billion US dollars, which was also the first decline in the market value of USDT at the end of the month since October 2022.
In addition, the total transaction volume of stablecoins also fell by 6.14% to $453 billion.
However, First Digital Labs’ FDUSD stablecoin jumped 1,410% in August to $305 million in market capitalization after it went live on Binance last month.
PayPal launched PYUSD, a dollar-pegged stablecoin on Ethereum, which currently has a fully diluted market cap of $27 million.