Thaw Digital's Monthly Stablecoin Report

Month of October 2024

November 06, 2024

Welcome to the Monthly Stablecoin Report by Thaw Digital, the leading source of intelligence on stablecoin markets. This report is intended for informational and entertainment purposes only, and should not be regarded or relied on as investment advice. For more information on our products and services visit thawdigital.com. 

In October 2024, 35 stablecoins had average market caps above $20M. 20 out of the 35 stablecoins held pricing close to $1 throughout the month. 9 lending pools had average yields above 10% APY with the highest yielding pool at 15.8%. 24 AMM pools had average yields above 10% APY with the highest yielding pool at 27.6%.

Market Capitalization

  • 35 stablecoins had market caps which had an average of over $20M in the month of October. Six of these are classified as large caps (USDT, USDC, DAI, USDe, FDUSD, and USDS) having over $1BN in market cap, while the other 29 are classified as mid caps and have between $20M-$1BN in market cap.

Dollar Parity and Price Volatility 

  • 20 of the 35 mid and large cap stablecoins had monthly average prices within 10 bps of $1.

  • 22 out of the 35 mid and large cap stablecoins had volatility, measured by standard deviation from average monthly price, of 20 bps or less.

  • 4 out of 6 of the large cap stablecoins had volatilities less than 20bps. USDS had a high volatility at 150bps as it was newly introduced in the month. FDUSD had a volatility of 30bps.

Lending Yields:

  • As always, lending yields shown are filtered for venues with APYs over 5% and TVL of $100,000 or greater.

  • 9 pools had over 10% annualized yields, 7 of which were pools on Curve’s lending protocol. Llamalend pools also have a lower TVL compared to other protocol pools signifying that large amounts of capital may not be able to earn as high of a yield on that venue.

  • The Sui blockchain lending protocols Scallop and Navi had 3 pools in the top 5 of the highest yielding large cap stablecoin pools. Morpho Ethereum pools made the other 2 out of the top 5. 

AMM Yields

  • 24 AMM pools averaged more than 10% APY in October.

  • 2 curve pools, CRV-USD-USDC and Ironbank’s DAI-USDC-USDT pool, and 3 Aerodrome pools, made up the top 5 highest yielding AMM pools of the month.