DefiLlama data shows that stablecoin market capitalization has increased for 11 consecutive months to a record high of $168 billion (currently around $168.10 billion), surpassing the previous peak of $167 billion in March 2022. The data does not include algorithmic stablecoins, whose value is maintained through algorithmic mechanisms rather than pegged to fiat currencies or external assets such as gold. Crypto analyst Patrick Scott said he sees this as a sign of "new money flowing into the cryptocurrency space". "Stablecoins have reached new all-time highs. Total stablecoin market capitalization excluding algorithmic stablecoins has now reached an all-time high, surpassing the previous high in early 2022," he wrote in his August 26 X post. When asked by another user if institutional investment was driving the rally, he did not speculate on the cause of the rise, but did note: "Retail trading has been going on for at least eight months." According to a July report from CCData, stablecoin trading volume fell by 8.35% last month due to a decrease in trading activity on centralized exchanges. The report noted that the MiCA regulation raised concerns about the future of USDT in Europe, which was one of the reasons for the decrease in stablecoin trading activity on centralized exchanges in July. According to CoinMarketCap, this trend continued until August, and the market trading volume is currently slightly above $46 billion.