Thaw Digital's Weekly Stablecoin Report

Welcome to the Weekly Stablecoin Report by Thaw Digital, the leading source of intelligence on stablecoin markets. This report is intended for informational and entertainment purposes online, and should not be regarded or relied on as investment advice. For more information on our products and services visit thawdigital.com. 

This week all 35 mid- and large cap stablecoins experienced market cap increases with significant increases for Sky Dollar, Syntthetix Dollar, and Anzen USDz. Sky Dollar is the new version of Maker’s DAI token, which is expected to increase in market cap in weeks to come. Sky Dollar also exhibited high price fluctuation this week. Sui venues and Aerodrome on Base dominated for lending and AMM yields.

Market Capitalization

• The same 35 stablecoins from last week remained in this week’s report.

• Market caps increased for all 35 stablecoins week over week. The largest increases were from Sky Dollar (USDS), Synthetix USD (sUSD) and Anzen USDz (USDZ) which had 34.5%, 34% and 27.2% market cap increases week over week, respectively. Sky Dollar is an upgradable version of Maker’s DAI, which is expected to increase in market cap as more users choose to upgrade.

Dollar Parity and Price Volatility 

• 27 of the 35 mid- and large cap stablecoins had average prices within 10 bps of $1.

• USDS had the lowest average price, at $0.997, and the highest volatility, at 165bps, signifying ongoing price discovery as the new token gains adoption.

• 12 out of the aforementioned 35 stablecoins had volatilities, measured as standard deviations from the time weighted average price (TWAP) of the current week, of over 10bps.

• FDUSD and USDT had volatilities above 10bps at 19bps and 14bps, respectively.

Lending Yields:

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

• Three of the top five lending pools were in Curve’s lending protocol, all three were on Ethereum mainnet. Curve’s lending protocol has a higher gas transaction fee impact so actual yields could be lower when factoring gas costs

• Scallop USDT and USDC, Navi USDC, and Morpho’s USDC RWA and UsualUSDC+ were the top 5 yielding venues for large cap stablecoins

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AMM Yields

• The USDC-sUSDCY Aerodrome pool had the highest reported APY this week at 27.9%. However, this pool was on the lower end of the TVL threshold, at 183K on a time weighted basis.

• Aerodrome pools made up 4 of the top 5 pools with two DOLA, one USDCY, and one USDz pool. The Ironbank Curve pool made up the last of the top 5 highest observed AMM yields.