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 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 Sky Dollar, Maker’s new stablecoin, reached over $1BN in market cap, becoming the newest entrant to the large cap category. Sky Dollar also had the lowest average price and highest volatility of the 35 stablecoins in the report. Curve’s lending and AMM protocols had the highest reported yields observed in those respective categories. Morpho on Ethereum Mainnet, Aerodrome on Base, and Sui venues Navi and Scallop all had pools with yields above 9%.

Market Capitalization

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

• USDS (Sky Dollar) grew by 67% in market cap and has now entered the large cap classification with $1BN in market cap.

• Market caps increased for all 35 stablecoins week over week. Sky Dollar has the largest week over week increase. USDZ, DOLA, USDA, and SUSD all increased over 10% as well.

Dollar Parity and Price Volatility 

• 19 of the 35 mid and large cap stablecoins had average prices within 10 bps of $1. Last week, 27 out of the 35 were within 10 bps, showing higher volatility in prices this week.

• USDS had the lowest average price, at $0.990, and the highest volatility, at 142 bps, signifying ongoing price discovery as the new token gains adoption.

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

• USDT, DAI, and FDUSD had volatilities above 10 bps, at 11 bps, 14 bps and 38 bps, respectively.

Lending Yields:

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

• 8 pools had over 10% in yield. Six of which were pools on Curve’s lending protocol.

• Navi’s USDC pool was the third highest yielding pool and top large cap stablecoin pool at 14.7% APY.

• The Ethereum mainnet Morpho USDC RWA and USDC Usual USDC+ were the second and third highest yielding large cap stablecoin pools.

AMM Yields

• The Frax-USDC Curve pool on the Fraxtal blockchain had the highest reported yield at 41.57%. Note TVL in this pool was at $152K, which is on the lower end of the threshold.

• Aerodrome pools made up 4 of the top 5 highest yielding pools, with two DOLA, one USDCY, and one crvUSD pool.