Thaw Digital's Monthly Stablecoin Report

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 February 2025, 45 stablecoins had average market caps above $20M, with 3 new stablecoins reaching this level of capitalization. Lending and AMM yields decreased from January highs, as token prices and trading activity subsided.

Market Capitalization

• 45 stablecoins had average market caps over $20M in the month of January, including 3 new entrants (HONEY, LVLUSD, and ZeUSD).

Dollar Parity and Price Volatility 

• 30 of the 42 mid and large cap stablecoins with pricing data had monthly average prices within 10 bps of $1.

• 28 out of the 42 mid and large cap stablecoins had volatility, measured by standard deviation from average monthly price, of 20 bps or less.

• All 7 of the large cap stablecoins had volatilities less than 30bps.

Lending Yields

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

• Overall lending yields decreased in February compared vs. January, with the broader pullback in the crypto bull market. In February, 16 pools had yields over 10% vs and 24 pools with yields over 10% in January.

• Curve’s Llamalend lending protocol had the top 4 yielding pools overall.

• The Morpho lending protocol had the top 5 large cap stablecoin yield pools.

AMM Yields

• AMM pools also experienced lower yields in February. 12 pools had yield over 20% and 14 had yields over 10% compared to 2 pools yielding over 20% and 23 pools had yields over 10% in January.

• 4 Curve AMM pools and 1 Aerodrome AMM pool made up the top 5 yielding AMM pools in February.