Executive Summary: Stablecoins & CBDCs September 2023

We are delighted to release CCData’s latest Stablecoins & CBDCs Report . In this report, we provide insight into the latest developments in the stablecoin and CBDC sector, focusing on analysis that relates to market capitalisation, trading volume, peg deviation and more. CCData’s latest Stablecoins & CBDCs Report offers insight into the latest developments in the stablecoin and CBDC sector, focusing on analysis that relates to market capitalisation, trading volume, peg deviation and more. The total stablecoin market cap continued to decrease in August, recording its 17th consecutive month of decline, falling 1.28% to $124bn. This is the lowest stablecoin market cap recorded since August 2021. Access the full report here . Key takeaways: Stablecoin trading volumes fell 6.14% to $453bn as volatility continued to decline. The end-of-month stablecoin volumes for July were the second-lowest monthly stablecoin trading volume recorded on centralised exchanges this year, and the third-lowest since April 2019. In August, the market cap of USDT fell 0.62% to $83.3bn, recording the first decline in end-of-month market cap for USDT since October 2022. The market cap dominance of USDT, however, rose to 67.1% from 66.7% with all of the top stablecoins registering a decline in market cap in August. The market cap of First Digital Labs’ FDUSD stablecoin jumped 1410% to $305mn in August, following its launch on Binance last month. The FDUSD trading pairs — which were introduced on Binance with a zero-fee trading promotion — reached $507mn in August (as of the 14th). This makes FUSD the fifth most active stablecoin pair on the exchange. The latest update from China’s Central Bank indicates a 1600% increase in the transaction volume of the Chinese CBDC, e-CNY, which now stands at 1.8tn RMB or $248bn compared to figures published in August 2022. In August, PayPal launched its USD-pegged stablecoin, PYUSD, on Ethereum. The fully diluted market cap of the stablecoin is currently $27mn . The stablecoin was launched by PayPal to offer cost-effective transactions, programmable capabilities, and swift settlement times compared to traditional methods. Stablecoins & CBDCs Report FDUSD Becomes the 10th Largest Stablecoin After Launching on Binance First Digital Labs’ FDUSD, which was launched last month, has seen its market cap jump 1410% to $305mn in August following its launch on Binance. The trading volumes on FDUSD pairs reached $507mn in August, however, the stablecoin is still only the fifth largest stablecoin on Binance. Trading volumes for the stablecoin are set to benefit from Binance’s zero-fee trading promotion, with more trading pairs yet to be listed. Currently, the USDT-FDUSD trading pair is the most active, trading $437mn and accounting for 86.2% of the trading volume of the stablecoin. Created using data from CCData Stablecoin Market Cap Declines for 17th Consecutive Month In August, the total market capitalisation of stablecoins fell 1.28% to $124bn, the lowest stablecoins market cap since August 2021. This is the seventeenth consecutive month of decline in stablecoins market capitalisation. BUSD and TUSD saw significant declines of 9.35% and 9.15% to $3.37bn and $2.75bn, respectively, likely due to the launch of the new stablecoin, First Digital USD (FDUSD) on Binance. Created using data from CCData E-CNY Transaction Volume Surges as China Onboards New Utilities for CBDC As per the latest update from China’s Central Bank Governor, the transaction volume of the Digital Yuan reached 1.8tn RMB or $248bn as of June 2023. The number of transactions made using the e-CNY also surged to 950mn. This represents a 1600% increase in transaction volume and a 164% increase in transaction count from the previous update in August 2022. The surge in transaction volume and count coincides with an increased effort from the government to bring new utility to the digital currency. Created using data from CCData Stablecoins Trading Volume Reaches Second Lowest Monthly Volume of the Year In July, stablecoin trading volumes fell 6.14% to $453bn as volatility continued to decline. This was the second-lowest monthly stablecoin trading volume on centralised exchanges this year and the third-lowest monthly stablecoin volume since April 2019. Stablecoin trading volumes on centralised exchanges have reached $194bn in August (as of the 13th) and are on track to record historically low monthly figures. Created using data from CCData Enjoy what you’ve read so far? Visit our website to download the Stablecoin Report and access our full research suite, where we explore topics such as exchange volumes, digital asset investment product flows, DeFi, NFTs, and more! Stablecoins & CBDCs Report Want to stay up to date with everything crypto? Subscribe to our mailing list and get our monthly research reports and insights delivered straight to your inbox. CCData’s suite of market-leading trade, order book, derivatives, blockchain, social, and historical data, spanning thousands of cryptocurrencies and 300+ exchanges, is also available via our API here: https://developers.cryptocompare.com Executive Summary: Stablecoins & CBDCs September 2023 was originally published in CCData on Medium, where people are continuing the conversation by highlighting and responding to this story.