Thaw Digital's Weekly Stablecoin Report

Week of October 14, 2024 to October 20, 2024

October 23, 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 Synthetix USD (sUSD) experienced a significant price increase to $1.12 on 10/18 and had the highest lending yield across all pools on Aave’s optimism pool. Stablecoin market caps increased across the board for the third straight week. Aerodrome held strong as the venue with the highest AMM yields.

Market Capitalization

  • Market caps increased for all 35 stablecoins week over week. USD+ has the largest week over week increase at 35%. FDUSD, USDZ, LISUSD all increased over 10% as well.

Dollar Parity and Price Volatility 

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

  • USDS averaged to $1 after having had the lowest average price, at $0.990 last week, signifying some normalization in its price.

  • 14 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 10bps.

  • SUSD had the highest volatility at 458 bps as it increased to $1.12 on Oct 18 after falling back to $0.999 for the remainder of the week.

Lending Yields:

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

  • 10 pools had over 10% in yield. 6 of which were pools on Curve’s lending protocol.

  • Aave’s sUSD pool on Optimism had the highest average yield as yields started to pick up above 20% on October 15th.

  • Scallop’s USDC and USDT were the highest yielding large cap stablecoin pools this week.

AMM Yields

  • Aerodrome pools made up 4 of the to 5 highest yielding pools, including pools with mid-cap stablecoins: USDCY, HYUSD, eUSD, DOLA, USD+ and USDZ.

  • Curve’s Ironbank pool remained strong at 18.4% APY.