Stablecoin Market Cap Slips $17B from May Peak Amid Record Settlement Volumes

The stablecoin market cap has seen a $17 billion decline from its May peak of $320.8 billion to $303.8 billion, according to Live DeFiLlama data as of August 2.

This represents a 5.3% drawdown, and the drain has accelerated, with approximately $3 billion leaving in the final week of July alone.

Despite this, record settlement volumes were produced during the same period, with June's adjusted settlement volume reaching $1.79 trillion, up 63% from May.

The velocity of stablecoins has doubled to around six turns per month over the past two years, indicating that fewer dollars are being used while working harder in the market.