Stablecoin Market Hits Record $155 Billion in August with 3% Monthly Growth

Sep 6, 2024, 01:30 PM

August saw a significant surge in the stablecoin market, with an average of $155 billion worth of fiat-backed stablecoins in circulation, marking the highest ever for a single month. This includes major stablecoins such as Tether's USDT, Circle's USDC, and PayPal's PYUSD. The overall stablecoin supply reached $162.1 billion, reflecting a 3% monthly growth driven by institutional adoption and market confidence, with USDT leading. The market cap for these stablecoins was reported as $118.1 billion for USDT (6.21% of total crypto marketcap), $34.8 billion for USDC (1.83%), and $924.5 million for PYUSD (0.05%).