Thaw Digital's Monthly Stablecoin Report

Month of December 2024

January 08, 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 December 2024, 36 stablecoins had average market caps above $20M. Lending and AMM yields increased dramatically compared to November as the crypto bull market continued. Lending yields showed even higher than AMM pools this month with 52 pools yielding over 10% APY.

Market Capitalization

  • 36 Stablecoins had average market caps over $20M in the month of December. Six of these are classified as large caps (USDT, USDC, DAI, USDe, FDUSD, and USDS) having over $1BN in market cap, while the other 30 are classified as mid caps and have between $20M-$1BN in market cap.

  • One new stablecoin entered the list this month rUSD, Reservoir Stablecoin.

Dollar Parity and Price Volatility 

  • 18 of the 32 mid and large cap stablecoins with pricing data had monthly average prices within 10 bps of $1.

  • 16 out of the 32 mid and large cap stablecoins had volatility, measured by standard deviation from average monthly price, of 20 bps or less.

  • All 6 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.

  • Lending yields dramatically increased in December in line with the crypto bull market. In December, 16 pools had yields over 20% and 52 pools had yields over 10%. In November, 1 pool had yield over 20% and 26 pools had yield over 10%.

  • Curve’s Llamalend lending protocol had the top 5 yielding pools overall. Morpho on Ethereum had the top 3 highest stablecoin pools, followed by pools on Sui protocols Scallop and Navi.

AMM Yields

  • AMM pools also experienced higher yields in December. 16 pools had yields over 20% and 34 pools had yields over 10% compared to 3 pools yielding over 20% and 2 pools yielding over 10% in November.

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