Weekly recap: October closes on a deposit record and a fall in value

168,818

Deposits

down 8.8%, a third straight fall

$283

Average retail deposit

up from $251, and $209 three weeks ago

$823.33M

October, closed

down 18.5% on September

869,457

October deposits

the highest month on record

Total attributed stablecoin volume across the 26 venues we publish was $187,568,129 in the week of 26 October to 1 November — up 7.4%.

Two things happened at once. Volume rose for a second week. Deposits fell for a third.

The rise is business, not retail

Flutterwave did $25,901,359, up 47.4%, and is $8,323,863 of the week's $12,886,679 gain — close to two-thirds of it. That is a business book, not retail deposits.

VALR more than doubled to $6,129,460. Onboard more than doubled to $1,527,476. Obiex was nearly flat, up 2.1% to $122,348,419, and its share of the market fell from 68.6% to 65.2%.

Falling: Quidax −16.6% to $11,845,303, Roqqu −79.5% to $46,000, Raenest −36.6%, Accrue −27.3%.

15 of 25 venues grew. After a week where one venue was the entire rise, this one was broad.

Three weeks of fewer, larger deposits

Deposits fell 8.8% to 168,818. That is the third consecutive weekly fall: 205,745, then 185,020, then 168,818 — down 18% in two weeks.

The decline is not one venue. Quidax lost 5,155 deposits, Spenda 4,507, Monica 1,724, Roqqu 1,506, Busha 1,222. Every large venue we publish recorded fewer deposits than the week before.

Meanwhile the average retail deposit rose to $283, from $251, and $209 three weeks ago. Active wallets fell 1.4% to 58,512.

Fewer people are depositing, and the ones who do are depositing more. That has now held for three weeks, which makes it a pattern rather than a week.

October, closed

October finished at $823,333,082 — down 18.5% on September's $1.01bn. It is the first month below a billion since August, and it ends three months of rising totals.

And yet October recorded 869,457 deposits, the most of any month we have measured, past August's 860,098.

The month moved less money through more deposits than any month before it. The weekly trend that closed October — fewer, larger — did not define the month as a whole, and the two readings sit against each other rather than together.

A note on the numbers in this issue

Two fixes landed on 1 November and move every figure in the series. Transfers between two venues we both track were being counted twice; they now count once, which removes $459M across 21 venues. Separately, one address holding VALR's own money had been counted as a customer deposit address since December 2025.

Last week's number moves from the $176,234,440 we sent you to $174,681,450. September moves from $1.03bn to $1.01bn.

Everything that changed, venue by venue.