Stablecoin market cap grows by $987M as DEX volumes slide and corporations stack Bitcoin

Nearly $1B in fresh stablecoin supply entered the crypto market last week, even as decentralized exchange volumes dropped across the board. Lookonchain’s weekly report covering August 24 through 30 paints a picture of a market quietly loading ammunition while the guns stay holstered. The on-chain analytics platform reported the total stablecoin market cap grew by $987.1 million during the seven-day stretch. At the same time, public companies added a net 4,003 BTC to their balance sheets, worth roughly $311.82 million. Trading volumes on decentralized exchanges, however, moved in the opposite direction. Stablecoin supply keeps climbing, but the pace is uneven The $987.1 million weekly increase lands somewhere in the middle of recent trends. The prior week saw stablecoin supply balloon by $2.19 billion, more than double the latest figure. Two weeks before that, the net change clocked in at $931.4 million, making this week’s number almost a carbon copy. The overall stablecoin market cap now sits in the neighborhood of $300B to $314B. USDT continues to dominate the space with roughly 60% market share. Three consecutive weeks of positive stablecoin flows, totaling roughly $4.1 billion, ...