Stablecoin Issuance in August Hits $148.4 Billion, a 2.9% Increase
CryptoNewsTerminal Staff02 Sep, 2024
Stablecoin Issuance in August Hits $148.4 Billion, a 2.9% Increase
According to data from The Block Pro, the total issuance of stablecoins in August reached $148.4 billion, marking a 2.9% increase compared to the previous month. This surge in issuance reflects the growing demand for stablecoins as a safe haven asset amid market volatility. Tether (USDT) continues to dominate the stablecoin market, accounting for a remarkable 78.7% share. Its closest competitor, USD Coin (USDC), captured a 17.4% market share. Notably, the on-chain trading volume of stablecoins during this period surpassed $1.2 trillion, highlighting their widespread adoption for various financial transactions. This increase in stablecoin issuance and trading volume aligns with the increasing popularity of decentralized finance (DeFi) applications, which heavily rely on stablecoins for liquidity provision and collateral. As the DeFi ecosystem evolves, the demand for stablecoins is likely to continue growing, further solidifying their role in the digital asset landscape.
