PANews reported on August 26 that according to Cointelegraph, DefiLlama data showed that the market value of stablecoins has grown for 11 consecutive months, reaching a record high of US$168 billion (currently about US$168.1 billion), exceeding the previous peak of US$167 billion in March 2022. The data does not include algorithmic stablecoins, whose value is maintained through algorithmic mechanisms rather than pegged to external assets such as fiat currencies or gold.
Crypto analyst Patrick Scott said he sees this as a sign of “new money flowing into the crypto space.” He wrote in an Aug. 26 X post: “Stablecoins have reached new all-time highs. Total stablecoin market cap, excluding algorithmic stablecoins, has now reached an all-time high, surpassing the previous high in early 2022.” When asked by another user if institutional investment was driving the rally, he did not speculate on the cause of the rise, but did point out that “retail trading has been going on for at least eight months.”
According to CCData's July report, stablecoin trading volume fell 8.35% last month due to a decrease in trading activity on centralized exchanges. The report pointed out that MiCA regulations have raised concerns about the future of USDT in Europe, which is one of the reasons for the decrease in stablecoin trading activity on centralized exchanges in July. According to CoinMarketCap data, this trend has continued into August, and the market trading volume is currently just over $46 billion.
