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. 

To simplify our reporting, we’ve removed depegged stables from our analysis. While the percentage market capitalizations of large cap ($100M+) stablecoins presents similarly as before, the distribution of mid caps ($20M-$100M) shows a more balanced distribution with depegged tokens no longer represented. Large cap stables continued to exhibit less volatility (i.e., more stable dollar parity), albeit with DAI showing some shakiness compared to the other large caps. GHO staking and Curve’s Llamalend continued to show the highest yields for lending, with Sui venues presenting the highest non-EVM yields. Among AMM pools, the Ironbank pool on Curve continues to hold the top spot for reported APY.

Market Capitalization

• This week we removed the following depegged stablecoins from our analysis: USDN, BUSD, HUSD, FLEXUSD, USP, BEAN, USDR, USN, ALUSD and USDX. We also removed BUIDL, which did not have any pricing data.

• With the removal of these depegged stablecoins, 28 stablecoins fell into Thaw’s “mid cap” classification. 11 of these mid cap stablecoins had market caps above $100M, which make up 85% of the overall market cap for mid caps.

Dollar Parity and Price Volatility 

• 23 of the 33 large and mid cap stablecoins had average prices within 10 bps of $1.

• 23 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 23 of these were mid cap stablecoins.

• Large cap stablecoin price volatlity remained at 5bps or less, with the exception of DAI, which had a volatility of 9bps (compared to 5bps the previous week).

Lending Yields:

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

• GHO staking remained the best yield opportunity in the stablecoin lending market with over an 18% reported yield this week.

• Curve’s Llamalend had 7 pools with over 10% APY for the crvUSD stablecoin.

• For large cap stablecoins, the Sui blockchain venues Scallop and Navi had the highest yields. Scallop USDT, Scallop USDC, and Navi USDC were all above 10% APY.

AMM Yields

• Ironbank DAI-USDT-USDC remained as the highest yielding AMM pool at 27.91% APY.

• USDz, DOLA, USD+, and FRAX pools made up the remaining top 5  AMM yields with over 15% in reported yield. Of those 4, DOLA had the highest volatility over the TWAP at 24 bps, while USD+ and USDZ had the lowest at 5bps each.