August was the largest month we have measured, on every count

$83.89M

August volume

up 22.1% on July

683,565

Deposits

a record, up 17.6%

112,405

Active wallets

a record, up only 3.2%

$123

Average deposit

from $118 in July

August closed at $83,885,218 in attributed stablecoin volume across the 19 venues we track — up 22.1% on July, and the largest month in our coverage.

It set records on all three measures at once, which is rarer than it sounds.

The shape of it

Volume grew nearly seven times faster than the wallet count. The average deposit went from $118 to $123, and deposits per wallet rose too.

That makes August a month of deeper use rather than wider use — broadly the same population, transacting more often and in larger amounts. It is the opposite of what we described in July, when participation was doing the work.

Who moved it

Quidax did $20,931,174, up 33.7% — on its own, more than a third of August's entire increase.

Chipper did $3,970,232, up 98.5%, and the interesting part is where: Solana overtook BNB Chain as the largest chain for neobank volume in August, and Chipper is 94% of the reason.

Daya Pro did $6,196,281, up 194.7%, from 86 wallets across the whole month. It is now the fifth-largest venue we track and it gets there on a wallet count that would be unremarkable for a venue a hundredth its size.

Spenda grew 18.5% to $11,718,388 on 326,382 deposits from 57,682 wallets — more of both than any other venue by a wide margin, and a $36 average deposit.

Onboard rose 303.3% to $4,620,133 on total flow.

Monica's streak ended

Monica fell 2.9% to $17,099,505, ending a seventeen-month run of growth.

The composition is worth reading: active wallets rose 9.0% while volume per wallet fell 11.0%. More people arrived and each did less. Against a typical monthly move of around 16% this was a mild month — 25th of the 29 we have measured — and Monica still holds 20.4% of the market.

It is the exact inverse of what the market around it did, which is why it is worth naming rather than filing as noise.

Falling

Accrue −49.6%, Azza −31.1%, Roqqu −31.0%, Timon −4.1%, Grey Finance −3.2%, Busha −1.6%.

Eleven of nineteen venues grew in August. The three largest declines are all small venues, and Accrue's is the second month in a row.