CCData, a cryptocurrency analysis platform, released a "Stablecoin and CBDC Report" showing that the total market value of stablecoins continued to decline in August, with a drop of 1.28% to the range of $124 billion, setting a new low record for stablecoin market value since August 2021, and stablecoin market value has been declining for 17 consecutive months.

Among them, the market value of USDT fell by 0.62% to $83.3 billion, which is also the first time USDT has recorded a market value decline at the end of the month since October 2022. In addition, the total trading volume of stablecoins also fell by 6.14% to $453 billion.

However, First Digital Labs' FDUSD stablecoin skyrocketed 1,410% in market value to $305 million after it was launched on Binance last month. PayPal has launched a PYUSD stablecoin pegged to the US dollar on Ethereum, with a fully diluted market value of $27 million.