Weekly recap: $9.55M, and a decline that wasn't

$10.79M

This week

retail stablecoin volume

-2.3%

Week on week

from $11.04M

+1.8%

Excluding Quidax

the other thirteen venues

46.4%

Quidax share

down from 48.5%

Retail stablecoin volume across the 14 venues we track came to $10,790,498 for the week of 3 to 9 August, down 2.3% from $11.04M.

Read that headline on its own and you would conclude the market cooled. It didn't.

Quidax fell $352,592 on the week. The market fell $251,429. The other thirteen venues, taken together, grew 1.8%. Quidax's decline is 140% of the market's decline — it more than accounts for the entire drop, and everything else quietly moved the other way.

This is the second week running that the headline number has described one venue rather than the market. Last Monday we reported the reverse case: the market slowed while Quidax set a record, and concentration tightened to its highest level on record. This week the largest venue had a soft week and pulled the index down with it while the rest of coverage grew.

At 46.4% share, Quidax is not a constituent of this number. It substantially is this number.

What actually moved

Chipper took third place from Breet for the first time, at $1,104,595 against Breet's $898,942. Breet had led it four to five times over through June. Chipper crossed a million dollars in a week for the first time, and its share is now 10.2%, up from 2.2% ten weeks ago — and how it got there is worth its own note, because the growth did not come from more people.

Below that, Onboard recovered 16.1% after the 70.1% fall we reported last week — which suggests that drop was a genuine fluctuation rather than the attribution gap we flagged as a possibility. Breet fell 14.7% and Azza 44.9%.

Payrit appears for the first time at $26,008, having entered coverage this week.

Native stablecoins

Transfer volume across the native African stablecoins we track came to $3,119,841, up 8.6%.

cNGN remains the bulk of it at $2,619,840, and it grew 1.7%. Its share of the native layer still fell — from 89.7% to 84.0% — not because cNGN shrank but because ZARP appeared, up from almost nothing to $492,867.

ZARP moved that on 323 transfers, averaging $1,526 each. cNGN moved five times as much across 14,165 transfers averaging $185. A sixth of the native layer's weekly volume came from 2% of its transfers.

Last Monday we argued that weekly percentages on the thinner native tokens describe individual transfers rather than trends. Seven days later, a 737% move on 323 transfers is that argument restated by the data.