April 2024 Stablecoin Report: A Comprehensive Analysis of Performance
Stablecoins have become a crucial component of the cryptocurrency market, offering stability and reliability in a volatile environment. Coinpedia presents its monthly Stablecoin Report, providing an in-depth analysis of the stablecoin sector using reliable data from authoritative sources. This report aims to equip readers with the necessary knowledge to make informed decisions and stay ahead of the curve.
1. Top Stablecoins: A Simple Analysis
To determine the top stablecoins of the month, three parameters are considered: market capitalization, market dominance, and trading volume.
1.1. Top Stablecoins by Market Capitalization
Tether dominates the market with a market capitalization of $110,258,908,025, followed by USDC with $33,408,502,458. Other stablecoins such as Dai, First Digital USD, and Ethena USDe demonstrate their capabilities but have smaller market capitalizations.
Compared to the previous month, both Tether and USDC have shown growth in market capitalization.
1.2. Top Stablecoins by Market Dominance
Tether and USDC continue to dominate the market with 70.24% and 21.26% market dominance, respectively. Dai, First Digital USD, and Ethena USDe also display significant dominance compared to other stablecoins.
Compared to the previous month, Tether’s dominance has slightly decreased, while Dai, First Digital USD, and Ethena USDe have shown a slight increase in dominance.
1.3. Top Stablecoins by Trading Volume
Tether maintains its position as the most traded stablecoin with a trading volume of $52,783,767,044. Interestingly, First Digital USD has climbed to the second position with a trading volume of $8,890,350,385, surpassing USDC, which has slipped to the third position. Dai remains a major player with an improved trading volume compared to the previous month.
2. Stablecoin Price Analysis: An In-Depth Overview
Tether, USD Coin, Dai, First Digital USD, Ethena USDe, USDD, and Frax are the top stablecoins based on market capitalization. Let’s delve into an in-depth analysis of these stablecoins.
2.1. Stablecoin One Month Change
First Digital USD and Ethena USDe have shown significant positive changes of +78.97% and +78.23%, respectively. Dai and Tether also showcase positive changes, while Frax, USDD, and USDC show slight negative changes.
In the previous month, Tether, USDC, and Ethena USDe showed positive performance, while Dai, First Digital USD, USDD, and Frax exhibited negative performance.
2.2. Stablecoin One Month % Off Peg
First Digital USD has shown a positive one month off peg of +0.70%, while USDD reports a major negative one month off peg of -3.01%. USDC and Dai also show negative off peg values.
3. Stablecoins in Blockchains: A Detailed Overview
Tether dominates the stablecoin market across various blockchains, with a 69.97% dominance. USDC follows with 19.46% dominance, while Dai and First Digital USD have smaller dominances. Ethena USDe, USDD, and Frax have comparatively lower dominances.
Compared to the previous month, all the top stablecoins have grown in terms of dominance, especially First Digital USD and Ethena USDe.
3.1. USDT Dominance in Blockchains
Tether primarily relies on Tron and Ethereum, with 49.84% and 40.83% dominance, respectively. It also has a presence on BSC, Arbitrum, and Avalanche.
3.2. USD Coin Dominance in Blockchains
USD Coin heavily relies on Ethereum with a dominance of 79.75%. It also has a presence on Solana, Arbitrum, BSC, and Polygon.
3.3. Dai Dominance in Blockchains
Dai heavily depends on Ethereum with a dominance of 91.27%. It also has a presence on Polygon and Gnosis.
3.4. First Digital USD Dominance in Blockchains
First Digital USD majorly relies on Ethereum with a dominance of 95.57%. It also has a minimal presence on BSC.
3.5. Ethena USDe Dominance in Blockchains
Ethena USDe solely relies on Ethereum with a dominance of 100%.
3.6. USDD Dominance in Blockchains
USDD primarily relies on Tron with a dominance of 99.23%. It also has minimal roles on Ethereum and BSC.
3.7. Frax Dominance in Blockchains
Frax relies on Ethereum with a dominance of 79.1%. It also has a significant presence on Arbitrum and minor roles on other blockchains.
4. Stablecoins in Exchanges: A Simple Analysis
The top three centralized exchanges, Binance, Coinbase Exchange, and Bybit, attract significant monthly visits. Stablecoins like USDT and FDUSD are actively traded on these exchanges.
In decentralized exchanges, Uniswap V3 (Ethereum), Uniswap V3 (Arbitrum One), and Uniswap V2 (Ethereum) have a high number of monthly visits. Stablecoins like USDC and USDT are actively traded on these platforms.
In conclusion, stablecoins continue to play a crucial role in the cryptocurrency market, providing stability and facilitating transactions. The market is evolving, with new players emerging and blockchain preferences shifting. As the crypto ecosystem matures, stablecoins will remain a vital component for secure and efficient transactions.