Thaw Digital's Weekly Stablecoin Report

Week of October 21, 2024 to October 27, 2024

October 31, 2024

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 only, and should not be regarded or relied on as investment advice. For more information on our products and services visit thawdigital.com. 

This week two new stablecoins, M and BUCK, entered into the mid cap stablecoin categoryt. Volatilities increased across the board. Curve had the highest yields across lending and AMMs. Aave’s Optimism sUSD pool and Aerodrome AMM pools also continued to show strong yields.

Market Capitalization

  • Two new stablecoins entered the report this week: M and BUCK. M is a new token on Ethereum, and BUCK is Bucket Protocol’s stablecoin token on Sui. Both of these tokens are new to the CoinGecko price feed, and as such they do not show up on the pricing data for this week.

  • MIM, DOLA, and USD0 were the largest gainers in market cap this week at +33%, +17%, and +16% and FDUSD, USD+ and sUSD were the largest losers in market cap at -18%, -16%, and -14%.

Dollar Parity and Price Volatility 

  • 19 of the 35 mid and large cap stablecoins had average prices within 10 bps of $1. Last week, 20 out of the 35 were within 10 bps, showing similar volatility in prices this week.

  • Only fxUSD had a volatility under 10bps this week, signifying higher volatilities this week across the board.

Lending Yields:

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

  • 13 pools had over 10% annualized yields, nine of which were pools on Curve’s lending protocol.

  • The sFRAX Fraxtal collateral pool on Curve’s lending protocol had the highest yield at 19.7%. This pool experienced a significant increase in TVL this week, to $635K from $3K.

  • Morpho had the top 2 highest large cap stablecoin pools: The USDC PYTHUSDC pool on Morpho Base and the USDC UsualUSDC+ pool on Ethereum at 12.5% and 10.9% respectively.

AMM Yields

  • The highest yielding pool was the Optimism CRVUSD-USDC pool on Curve. It averaged over 73% in yield this week, mostly due to an increase yield on 10/24 to 464%

  • Aerodrome pools made up the remaining pools in the top 5, with various mid cap stablecoins including USDCY, HYUSD, eUSD, DOLA, USD+, and FRAX.