Thaw Digital's Monthly Stablecoin Report

Month of January 2025

February 19, 2025

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 January 2025, 43 stablecoins had average market caps above $20M, with 7 new stablecoins entering the classification. Usual USDC, USD0, entered the large cap classification, meaning each had a market cap above $1 billion.. Lending and AMM yields decreased from December highs as the crypto bull market stabilized.

Market Capitalization

  • 43 stablecoins had average market caps over $20M in the month of January, including 7 new entrants (USDD, USR, USDY, USDF, USDP, USD+, and USDJ).

  • USD0 entered the large cap classification, joining USDT, USDC, USDE, DAI, USDS, and FDUSD.

Dollar Parity and Price Volatility 

  • 23 of the 41 mid and large cap stablecoins with pricing data had monthly average prices within 10 bps of $1.

  • 23 out of the 41 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 January vs. December, with the broader pullback in the crypto bull market. In January, 6 pools had yields over 20% and 24 pools had yields over 10%. In December, 16 pools had yields over 20% and 52 pools had yields over 10%.

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

  • Top large cap stablecoin pools include two from Ethereum protocol Morpho, one from Sui protocol Navi (USDC), one from Sui protocol Scallop (USDC), and the last from Eth protocol’s MakerDAO (DAI).

AMM Yields

  • AMM pools also experienced lower yields in December. 2 pools had yields over 20% and 23 had yields over 10% compared to 16 pools yielding over 20% and 34 pools had yields over 10% in December.

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