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 November 2024, 38 stablecoins had average market caps above $20M. Compared to October, there was higher price fluctuation on the stablecoins but also higher yields across lending and AMM protocols. 26 lending pools had average yields above 10% APY, with the highest yielding pool at 22.3%. 28 AMM pools had average yields above 10% APY with the highest yielding pool at 24.4%.

Market Capitalization

• 38 stablecoins had market caps which had an average of over $20M in the month of November. Six of these are classified as large caps (USDT, USDC, DAI, USDe, FDUSD, and USDS) having over $1BN in market cap, while the other 32 are classified as mid caps and have between $20M-$1BN in market cap.

• This month two new stablecoins entered in as mid cap stablecoins: M (M by M^0) and BUCK (Bucket).

Dollar Parity and Price Volatility 

• 19 of the 36 mid and large cap stablecoins with pricing data had monthly average prices within 10 bps of $1.

• 13 out of the 36 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 55bps, as it was newly introduced during the month. FDUSD had a volatility of 31bps.

Lending Yields:

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

• 26 pools had annualized yields over 10%. The prior month, only 9 pools averaged over 10% in annualized yield

• 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

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

• 2 pools from the Sui protocol Cetus, 1 curve pool, and 2 Aerodrome pools, made up the top 5 highest yielding AMM pools of the month.