The market value of stablecoins has grown for 11 consecutive months, breaking through $168 billion to reach a historic high

Data from DefiLlama shows that the market value of stablecoins has been growing for 11 consecutive months, reaching a historical high of $168 billion (currently about $168.1 billion), surpassing the previous peak in March 2022 ($167 billion). This data does not include algorithmic stablecoins, whose value is maintained through an algorithm mechanism rather than being pegged to external assets such as fiat currency or gold.

Crypto analyst Patrick Scott said he believes this is a sign of "new money flowing into the cryptocurrency field." He wrote in his X post on August 26: "Stablecoin has reached a new historical high. The total market value of stablecoins, excluding algorithmic ones, has now reached its highest point ever, surpassing the previous peak at the beginning of 2022." When asked by another user whether institutional investment drove this increase, although he did not speculate on the reason for the rise, he indeed pointed out: "Retail trading has lasted at least eight months."

According to CCData's report in July, due to decreased trading activity on centralized exchanges, stablecoin trading volume fell by 8.35% last month. The report noted that concerns over USDT's future in Europe triggered by MiCA regulations were one reason for reduced stablecoin trading activity on centralized exchanges in July. According to CoinMarketCap data, this trend continued into August with current market trading volumes slightly above $46 billion.