Every month, we’re diving deep into the state of stablecoins. There’s a lot going on in this sector and no single source of truth for people to stay up to date. So we’re taking a look at the biggest stablecoin developments and use cases, as well as what’s happening onchain — all in one place.
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Top Stablecoin Stats
Total market cap: $302.70B (+2.49%)
Monthly transfer volume: $6.90T (+41.37%)
Monthly active addresses: 53.79M (+1.05%)
Total holders: 284.62M (+1.59%)
USDT: $192.91B (+2.41%)
USDC: $72.78B (+1.88%)
USDS: $6.60B (+1.68%)
DAI: $4.58B (-0.05%)
USDe: $4.52B (+10.56%)
The metrics are accurate at the time of publication. The percentage change is over a 30-day period.
What Caught Our Eye
The Ethena Foundation issued four updates to resolve concerns about investor sell pressure and where value accrues on the protocol.
The Foundation bought locked tokens from investors who had sold since October 2025's peak, and eliminated the remaining monthly VC unlock schedule entirely.
A new fee switch will direct 95% of net revenue toward ENA buybacks once USDe supply hits growth milestones.
Ethena also joined the Blockworks Token Transparency Framework, publishing its entity structure, vesting, and insider allocations.
Quote of the Month
“So many businesses fail not because they're unprofitable, they fail because of cash flow. If someone pays them something, they should get the money straight away — why should they wait two days later? What have they done wrong to deserve that?"
Listen to the full episode here to learn more about Binance's push into crypto payments, tokenized stocks, and building a "one-stop shop" for everyday financial services.
A Chart Worth Checking Out
Stablecoin transfer volumes returned this month, growing 41.37% to $6.90T.
The growth is in line with other stablecoin metrics like total holders and stablecoin supply, which grew 1.59% and 2.49% respectively, and follows the broader crypto market which continues to strengthen.
Top Stablecoin Developments In August
Upbit’s Dunamu partnered with Visa to build payment services that use stablecoins and AI. The companies will also explore remittance products based on OUSD. The deal is part of a broader push by Visa into Korean digital finance, following its stablecoin infrastructure agreement with Shinhan Financial.
World Liberty Financial began issuing USD1 natively on Canton Network.
Stable, the USDT-linked Layer 1 blockchain, published its long-term roadmap. The whitepaper details a fixed 100 billion token supply, of which 18% is circulating now, and the remaining 82% will be released across seven unlock phases between December 2027 and December 2029.
PayPal formalized a new "Payment Services & Crypto" division that will house PYUSD, Braintree and SMB processing.
Circle has become the principal partner and front-of-shirt sponsor of Chelsea FC. The club’s men’s women’s and academy kits will feature Circle and USDC branding.
Bank of America, Wells Fargo, Santander, and others are reportedly advancing plans for a dollar-focused global stablecoin.
The Blockchain Association filed a comment letter backing the joint GENIUS Act rules proposed by FinCEN, the OCC, the Fed, the FDIC, and the NCUA for stablecoin issuers' customer identification programs.
It pushed for clearer definitions of terms like "account," "customer," and "digital asset service provider," urged regulators to avoid duplicative rules, and asked the agencies to align the CIP rule's effective date with related anti-money-laundering requirements under the Act.
The US Treasury is requesting public comment on its implementation of section 3 of the GENIUS Act, which defines a framework for implementing requirements for issuing payment stablecoins in the U.S.
This is the State of Stablecoins. August Edition.
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.
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