Thaw Digital's Weekly Stablecoin Report

Welcome to the Weekly Stablecoin Report by Thaw Digital, the leading source of intelligence on stablecoin markets. For more information on our products and services visit thawdigital.com. 

Market caps remained faily steady over the prior week, with the same 33 stables having $20M+ in market cap and no movement of coins from the large cap to small cap category or vice versa. Sui large cap lending yields on Navi and Scallop had a strong week. Although among AMMs, Aerodrome’s USDC-sUSDCY pool showed the highest stated APY, another Sui protocol, Cetus, ranked on the list as well, thanks in part to ongoing Sui incentives.

Market Capitalization

• The same 33 stablecoins as the prior week had over $20M in market capitalization and an average weekly price no more than 100bps less than $1.

• 5 of the 33 stables mentioned qualified as large caps, with over $1BN in market cap, while the other 28 coins qualified as mid caps. This was the same as last week.

Dollar Parity and Price Volatility 

• 20 of the 33 large and mid cap stablecoins had average prices within 10 bps of $1.

• 20 out of the 33 stablecoins had volatilities, measured as standard deviations from the time weighted average price (TWAP) of the current week, of over 10bps. All 20 of these were mid cap stablecoins.

• Large cap stablecoin price volatlity remained at 5bps or less outside of FDUSD, which had a volatility of 17bps.

Lending Yields

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

• Sui venues Scallop and Navi had 3 large cap stablecoin pools in the top 5 (Scallop USDC, Scallop USDT, and Navi USDC) last week, with each’s weekly average APY above 12%.

• Morpho’s USDC Usual USDC+ pool had the biggest increase in yield at 11.8% APY, compared to 7.5% APY last week.

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AMM Yields

• The USDC-sUSDCY Aerodrome pool had the highest reported APY this week at 22.57%. However, this pool was on the lower end of the TVL threshold, at 156K in TVL.

• Sui AMM protocol Cetus showed up in the top 5 with its USDC-USDT pool at 18.93% driven by Sui incentives and Sui token price increase last week.