Weekly recap: a down week inside a month running ahead of August

$18.34M

This week

down 16.9%, fourth-largest

+11.1%

September so far

vs August's first 13 days

51,734

Active wallets

59 below last week's record

6 of 19

Venues that grew

thirteen fell

Attributed stablecoin volume across the 19 venues we track was $18,339,619 in the week of 7 to 13 September — down 16.9% from last week's record of $22,069,641, and the fourth-largest week we have measured.

Read on its own, that is a bad week. Read against the month, it is not.

September is running ahead of the record month

The first thirteen days of September did $36,465,292. The first thirteen days of August — the largest month in our coverage — did $32,813,107.

September is running 11.1% ahead, on almost exactly the same number of deposits: 280,694 against 279,710.

So the week gave back part of a spike. It did not break the trend.

The fall was broad

Six of nineteen venues grew. Thirteen fell.

Daya Pro fell 61.5% and accounts for $1,371,800 of the $3,730,022 decline — 36.8% of it. But strip Daya Pro out and the rest of the market still fell 11.9%. This was not one venue.

Quidax $4,741,445 (−13.7%), Monica $4,100,404 (−12.3%), Spenda $2,774,575 (−2.6%), Grey Finance $1,518,947 (−21.9%), Busha $933,150 (−16.6%), Onboard $644,818 (−32.8%).

Growing: Chipper +27.5% to $1,041,917, and Roqqu +9.7% to $292,874.

Participation held while volume fell

Active wallets were 51,734 — within 59 of last week's record 51,793. Deposits fell to 147,707, the fewest in six weeks, and the average deposit came down from $143 to $124.

The same people were there. They moved less.

Spenda is the clearest case: its volume fell 2.6% while it recorded 78,257 deposits, the most any venue has ever done in a week. More here.

Two calls from last week, resolved

Daya Pro fell back — but not all the way. At $857,496 it is still 1.9 times its pre-August average of $447,000. Here is what that means for what we said.

Solana lost the neobank lead. We said on 7 September that its $93,163 margin over BNB Chain was fragile and that we would report a reversal. Through 13 September, BNB Chain is back ahead.

cNGN: fewer dollars, more people

cNGN transfer volume fell 25.1% to $14,121,361. On Base it fell 28.8% to $8,896,556 — while daily active addresses rose 65% to 962, the highest we have recorded.

That is the second week running in which cNGN's volume and its users moved in opposite directions. We think that is now the finding.

Elsewhere in native: ZARP rose to $370,701, but $335,382 of it landed on a single day across 106 transfers. We are not reading a trend into it.

Infrastructure

HyperFX settled $909,234 across 88 fills, down 38.0% from its record week. Its last two weeks together are 74.6% of everything it has ever settled. Textile FX cleared $1,593,180 in African notional, down 15.0%, on BNB Chain and Celo. Paycrest settled $409,923, up 40.7%, across 716 orders.

None of this is added to market volume.