Thaw Digital's Weekly Stablecoin Report

Welcome to Thaw Digital’s Weekly Stablecoin Report, the leading source of market intelligence about stablecoin adoption, peg stability, yield opportunities and risks

Market Cap Insights:

• PYUSD reached $1Bn in market cap this week, becoming the sixth large cap ($1Bn+) stablecoin following USDT, USDC, DAI, USDe and FDUSD. Large caps ($1Bn) make up 97% of all stablecoins by market cap.

• There are 39 stablecoins that fall into Thaw’s “mid cap” classification ($20M-$1Bn market cap). 14 of the mid cap stablecoins have market caps above $100M, which make up half of the overall market cap for midcaps

Peg Stability to the Dollar:

• Six of the midcap stablecoins (USDX, USDR, BEAN, FLEXUSD, USDN, HUSD) depegged significantly, with over 20% price decreases from $1.

• 21 of the 41 large and mid cap stablecoins had average prices within 10 bps of $1.

• 17 out of the 35 large and mid cap stablecoins that did not significantly depeg had volatilities, measured as standard deviations, of over 10bps. All 17 of these were mid cap stablecoins.

• Among large cap stablecoins, USDT had the lowest volatility (1bp) and DAI had the highest (6bps). USDC and USDE volatility were at 3bps and 5bps, respectively.

Lending Yields

• Lending yields shown below are filtered for venues with APYs over 5% and TVL of $100,000 or greater

• The EVM ecosystem had 4 of the 5 highest yields this week across all lending venues. Two of those venues were on Curve’s Llamalend, one on Morpho, and one on Aave. The top non-EVM yield venue observed in the top 5 was Scallop on Sui.

• The top 4 lending yields were on mid cap stablecoins: CRVUSD (3) and EUSD (1).

• For large cap stablecoins, Sui offered the highest yield with Scallop USDC, Scallop USDT, and Navi USDC making up the top 3

AMM Yields

• AMM pools with at least one mid cap stablecoin have the highest reported yields. However, these yields do not factor in losses that may occur due to price fluctuations (see the Stablecoin Volatility Chart above).

• USDz pools made up the first and third highest gross yielding AMM pools of the week at 33.6% and 24.5% APYs, respectively. Both of these were on the Base network’s Aerodrome protocol. USDz averaged 90 bps below $1 this week and had a volatility of 59bps. Losses from holding this token could be realized and affect the actual APY for active positions in these pools.

• USD+ pools made up the fourth and fifth highest yielding AMM pools of the week, respectively, at 22% and 21.5% APYs. USD+’s average price was $1 and had a volatility of 7bps this week, over 50 bps lower than USDz.

_{For more information on our products and services, please visit www.thawdigital.com.}