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. 

This week witnessed some market cap changes, with two new stables joining our list of mid caps and some significant increases and decreases among a few mid cap stablecoins. Even with additional tokens in the mid cap category, there were fewer stables exhibiting 10 bps or more of volatility, although among large caps, USDe came close at 8 bps. Curve lending pools on Arbitrum provided attractive yields at comparatively lower gas fees to Ethereum L1. DOLA AMM pools featured prominently for yields.

Market Capitalization

• Two new stablecoins, Sky Dollar (USDS) and Elixr (deUSD), joined the list of mid caps this last week, with market caps of $456M and $145M, respectively. There were a total of 35 stablecoins with over $20M in market cap this week.

• FDUSD and USDZ both experienced significant market cap increases week over week, with 19% growth in FDUSD and 11% growth in USDZ, reflecting an increase in the circulation of those stablecoins. GUSD and crvUSD experienced significant market cap decreases of 19% and 10%, reflecting a decrease in circulation of those stablecoins.
  

Dollar Parity and Price Volatility 

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

• 17 out of the 35 stablecoins had volatilities, measured as standard deviations from the time weighted average price (TWAP) of the current week, of over 10bps. All were mid caps, including the two new new mid caps.

• Large cap stablecoin price volatility all tracked below 10bps with the highest volatility being USDe at 8bps and lowest USDC and USDT at 1bps.

Lending Yields:

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

• Four of the top five lending pools were in Curve’s lending protocol, three of which were on the arbitrum network. Curve’s lending protocol has a higher gas transaction fee impact, and Arbitrum pools would have less gas than those on Ethereum mainnet.

• Sui venues Scallop and Navi once again had the highest yields for large cap stablecoins USDC and USDT. Morpho had two pools with over 9% APY for USDC.

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 158K in TVL.

• DOLA appeared in 3 of the top 5 reported AMM pool yields with over 23% APY. DOLA volatility was at 10bps this week, signifying a lower risk profile for these pool yields than in the prior week.