Thaw Digital's Weekly Stablecoin Report

Welcome to the Weekly Stablecoin Report by Thaw Digital, the leading source of intelligence on stablecoin markets.

Last week witnessed the return of PYUSD to the mid cap category. Large caps exhibited slightly higher price volatility than in the previous week. EVM lending venues continued to exhibit the highest yields, with the Polygon DAI market on Aave generating the highest yield on large cap stables. Among AMMs, Ironbank DAI-USDT-USDC yieldest the highest return, with USD+ showing the second and fourth highest yields.

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Market Caps

• Large caps ($1 billion+ market capitalization tokens) continue to represent the vast majority (96%) of the market for tokens with over $20 million in float.

• Among large caps, USDT continues to dominate in terms of market capitalization with 72%, followed by USDC (21%) and the long tail of DAI, USDe and FDUSD, which each have single digit percentage points of the overall large cap market capitalization.  

• PYUSD fell back into the mid cap category (between $20 million and $1 billion) with a total market cap of $753M, as circulating supply fell back from its $1Bn+ peak in late August.

• 40 stablecoins fell into Thaw’s “mid cap” classification. 15 of these mid cap stablecoins had market caps above $100M, which make up 51% of the overall market cap for midcaps (compared to 50% last week).

Dollar Parity and Price Volatility

• 16 of the 41 large and mid cap stablecoins had average prices within 10 bps of $1.

• 9 of the stablecoins have depegged, meaning they have moved to more than 20bps away dollar aprity. These are ALUSD, BUSD, USDX, USDR, BEAN, FUSD, FLEXUSD, HUSD, and USDN.

• 21 out of the 33 non-depegged large and mid cap stablecoins had volatilities, measured as standard deviations from the time weighted average price (TWAP) of the current week, of over 10bps. All 21 of these were mid cap stablecoins.

• Large cap stablecoins experienced higher volatilities than in the prior week. All had volatilities between 7 and 8 bps, compared to between 1 and 6bps last week.

Lending Yields

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

• The EVM ecosystem had the 5 highest yields this week across all observed lending venues. Three of those venues were on Curve’s Llamalend, one on Morpho, and one on Aave. The top non-EVM yield venue observed in the top 5 continued to be Scallop on Sui.

• The top 5 lending yields were on mid cap stablecoins: CRVUSD (4) and EUSD (1).

• For large cap stablecoins, Aave’s Polygon DAI vault had the highest yield at 14.08% APY, followed by the Sui Scallop and Navi and USDC and USDT vaults.

AMM Yields

• AMM pools with at least one mid cap stablecoin had the highest reported yields. However, these yields do not factor in losses that may occur due to price fluctuations (see the Stablecoin Volatility Chart above).

• The Ironbank DAI-USDT-USDC pool had the highest APY of the week at 27.34%.

• USD+ pools made up the second and fourth highest yielding AMM pools of the week, respectively, at 16.73% and 16.05% APYs. USD+’s average price was $.999 and had a volatility of 15bps this week.