In-Depth Analysis and Trends of Monthly Performance in the Stablecoin Market
Welcome to our monthly report on stablecoins, where we delve into the ever-evolving landscape of stablecoins in the crypto market. Our comprehensive analysis is based on reliable data from authoritative sources, providing insights into the intricate dynamics, trends, and developments shaping the world of stablecoins.
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1. Top Stablecoins: A Simple Analysis
To identify the top stablecoins in the market this month, we consider three key parameters: market capitalization, market dominance, and trading volume.
1.1. Top Stablecoins by Market Capitalization
Stablecoins
Market Capitalization
Tether
$103,791,045,667
USDC
$32,181,228,114
Dai
$4,796,620,098
First Digital USD
$2,621,949,483
Ethena USDe
$1,324,155,406
USDD
$727,929,913
Frax
$646,091,575
Among stablecoins, Tether leads with a market capitalization of $103.8 billion, followed by USDC at $32.2 billion and Dai at $4.8 billion. First Digital USD, Ethena USDe, USDD, and Frax have smaller market shares. Market capitalization reflects the total value of coins in circulation, highlighting Tether’s dominance in the stablecoin market.
1.2. Top Stablecoins by Market Dominance
Stablecoins
Market Dominance [in %]
Tether
71.12%
USDC
21.97%
Dai
3.28%
First Digital USD
1.79%
Ethena USDe
0.90%
USDD
0.50%
Frax
0.44%
Others
1.42%
Tether dominates the stablecoin market with a market dominance of 71.12%, followed by USDC at 21.97% and Dai at 3.28%. First Digital USD, Ethena USDe, USDD, and Frax hold smaller shares. Market dominance indicates the proportion of the total stablecoin market controlled by each coin, emphasizing Tether’s significant lead in terms of usage and adoption.
1.3. Top Stablecoins by Trading Volume
Stablecoins
Trading Volume
Tether
$73,628,466,066
USDC
$8,311,288,744
First Digital USD
$7,807,644,491
Dai
$336,879,569
Ethena USDe
$52,777,020
Frax
$10,049,878
USDD
$7,955,212
Tether leads the stablecoin market in terms of trading volume with $73.6 billion, followed by USDC at $8.3 billion and First Digital USD at $7.8 billion. Dai, Ethena USDe, Frax, and USDD have lower trading volumes. Trading volume indicates the total value of stablecoins exchanged in the market, reflecting Tether’s dominance in liquidity and active trading.
2. Stablecoin Price Analysis: An In-Depth Overview
At the time of developing this report, Tether, USD Coin, Dai, First Digital USD, Ethena USDe, USDD, FRAX, and TrueUSD are the top eight stablecoins based on market capitalization. Let’s conduct an in-depth price analysis focusing on these eight coins.
2.1. Stablecoin One Month Change
Stablecoins
One Month Change (in %)
Tether
+6.64%
USDC
+17.17%
Dai
-2.71%
First Digital USD
-22.56%
Ethena USDe
+210%
USDD
-0.78%
Frax
-38.71%
TrueUSD
-51.58%
Ethena USDe leads with a 210% increase in one-month change, followed by USDC at +17.17% and Tether at +6.64%. TrueUSD, Frax, First Digital USD, Dai, and USDD experienced declines.
2.2. Stablecoin One Month % Off Peg
Stablecoins
1M % Off Peg
Tether
+0.30%
USDC
+0.60%
Dai
+0.30%
First Digital USD
-0.88%
Ethena USDe
-0.35%
USDD
-0.57%
Frax
-0.65%
TrueUSD
-3.56%
Among the top stablecoins, TrueUSD experienced the largest negative deviation from its peg at -3.56%, followed by First Digital USD at -0.88%. USDC, Tether, and Dai had slight positive deviations, while Frax, USDD, and Ethena USDe had minor negative deviations. One-month % Off Peg indicates the deviation of a stablecoin’s value from its intended peg, reflecting its stability in relation to the target price.
3. Stablecoins in Blockchains: A Detailed Overview
Blockchains
Stablecoins Dominance
USDT
69.76%
USDC
21.11%
DAI
3.16%
FDUSD
1.5%
USDe
0.89%
USDD
0.49%
TUSD
0.4%
FRAX
0.27%
Others
2.42%
In blockchain ecosystems, USDT dominates with a 69.76% share, followed by USDC at 21.11% and DAI at 3.16%. FDUSD, USDe, USDD, TUSD, and FRAX hold smaller shares. This dominance indicates the proportion of stablecoin transactions conducted on blockchain networks. USDT’s significant lead suggests its widespread use and acceptance within blockchain networks, while USDC and DAI also maintain a substantial presence.
3.1. USDT Dominance in Blockchains
Blockchains
USDT Dominance
Tron
49.82%
Ethereum
41.04%
BSC
3.44%
Arbitrum
2%
Avalanche
0.86%
Others
2.84%
Among blockchains, Tron leads in USDT dominance with 49.82%, followed by Ethereum at 41.04% and BSC at 3.44%. Arbitrum and Avalanche hold smaller shares, while other blockchains contribute 2.84%. USDT dominance reflects the proportion of Tether transactions occurring on each blockchain, indicating Tron and Ethereum as major platforms for USDT transactions, influencing liquidity and ecosystem stability.
3.2. USD Coin Dominance in Blockchains
Blockchains
USD Coin Dominance
Ethereum
78.39%
Solana
6.47%
Arbitrum
3.59%
Base
2.24%
BSC
1.72%
Others
7.59%
Ethereum leads in USD Coin dominance among blockchains with 78.39%, followed by Solana at 6.47% and Arbitrum at 3.59%. Base and BSC hold smaller shares, while other blockchains contribute 7.59%. The data highlights Ethereum’s prominence as a primary platform for USDC transactions, fostering liquidity and ecosystem growth.
3.3. Dai Dominance in Blockchains
Blockchains
Dai Dominance
Ethereum
90.49%
Polygon
3.33%
Gnosis
1.72%
Arbitrum
1.55%
Fantom
0.74%
Others
2.17%
Ethereum leads in Dai dominance among blockchains with 90.49%, followed by Polygon at 3.33% and Gnosis at 1.72%. Arbitrum and Fantom hold smaller shares, while other blockchains contribute 2.17%. The data highlights Ethereum as the predominant platform, fostering Dai’s liquidity and stability.
3.4. First Digital USD Dominance in Blockchains
Blockchains
First Digital USD Dominance
Ethereum
94.7%
BSC
5.3%
Ethereum dominates in First Digital USD among blockchains with 94.7%, followed by BSC at 5.3%. This data indicates that Ethereum is the primary platform facilitating liquidity and usage of FDUSD within its ecosystem.
3.5. Ethena USDe Dominance in Blockchains
Blockchains
Ethena USDe Dominance
Ethereum
100%
Others
0%
Ethereum exclusively dominates Ethena USDe among blockchains with 100%, indicating that all Ethereum USDe transactions occur on Ethereum.
3.6. USDD Dominance in Blockchains
Blockchains
USDD Dominance
Tron
99.24%
Ethereum
0.64%
Others
0.12%
Tron overwhelmingly dominates USDD among blockchains with 99.24%, followed by a minimal presence on Ethereum and other blockchains. This indicates Tron’s crucial role in facilitating USDD transactions.
3.7. TrueUSD Dominance in Blockchains
Blockchains
TrueUSD Dominance
Ethereum
66.58%
Tron
32.51%
Avalanche
0.51%
BSC
0.21%
Others
0.18%
Ethereum leads in TrueUSD dominance among blockchains with 66.58%, followed by Tron at 32.51%. Avalanche, BSC, and others hold smaller shares. The data implies that Ethereum and Tron are the primary platforms facilitating TrueUSD transactions.
3.8. Frax Dominance in Blockchains
Blockchains
Frax Dominance
Ethereum
81.14%
Arbitrum
9.26%
Harmony
2.04%
BSC
1.64%
Moonriver
1.37%
Others
4.55%
Ethereum dominates in Frax among blockchains with 81.14%, followed by Arbitrum at 9.26% and Harmony at 2.04%. BSC and Moonriver hold smaller shares, while other blockchains contribute 4.55%. The data highlights Ethereum as the primary platform fostering Frax’s liquidity and stability.
4. Stablecoins in Exchanges: A Simple Analysis
Let’s analyze the level of engagement of stablecoins on cryptocurrency exchanges by focusing on the top three centralized and decentralized exchanges, examining whether stablecoins feature prominently within the top three trading pairs on each platform.
4.1. Stablecoins in Centralized Exchanges
Binance, Coinbase Exchange, and OKK are the top three centralized exchanges based on monthly visits, attracting 72.3M, 43.1M, and 27.7M monthly visits, respectively. Let’s analyze these three exchanges.
4.1.1. Stablecoin Active Trading Pairs in Binance
Binance Top Trading Pairs
Volume %
BTC/FDUSD
16.48%
BTC/USDT
12.97%
ETH/USDT
7.82%
Stablecoin trading pairs like BTC/FDUSD, BTC/USDT, and ETH/USDT are among Binance’s top three pairs with 16.48%, 12.97%, and 7.82% volume shares, respectively. This suggests that stablecoins play a significant role in this crypto exchange.
4.1.2. Stablecoin Active Trading Pairs in Coinbase Exchange
Coinbase Top Trading Pairs
Volume %
BTC/USD
33.96%
ETH/USD
9.85%
USDT/USD
7.07%
USDT/USD is present in the top three trading pairs on Coinbase, representing stablecoin usage. BTC/USD leads at 33.96%, followed by ETH/USD at 9.85%, and USDT/USD at 7.07%. This inclusion highlights the importance of stablecoins in Coinbase’s trading ecosystem, albeit to a lesser extent than fiat pairs.
4.1.3. Stablecoin Active Trading Pairs in OKK
OKK Top Trading Pairs
Volume %
BTC/USDT
23.58%
ETH/USDT
11.4%
SOL/USDT
5.34%
Stablecoin trading pairs play a significant role in OKK’s top three pairs. BTC/USDT leads with 23.58%, followed by ETH/USDT at 11.4%, and SOL/USDT at 5.34%. This indicates a strong reliance on stablecoins for trading liquidity on OKK, highlighting their prominence in facilitating crypto trading activities.
4.2. Stablecoins in Decentralized Exchanges
Uniswap V3 (Ethereum), Uniswap V3 (Arbitrum One), and Uniswap V2 (Ethereum) are the top three decentralized exchanges based on monthly visits, attracting more than 10,000,000 monthly visits each. Let’s analyze these three exchanges.
4.2.1. Stablecoin Active Trading Pairs in Uniswap V3 (Ethereum)
Uniswap V3 (Ethereum) Top Trading Pairs
Volume
WETH/USDC
25.82%
WBTC/WETH
13.05%
WETH/USDT
10.58%
Stablecoin trading pairs feature prominently in Uniswap V3 (Ethereum)’s top three pairs. WETH/USDC leads with 25.82%, followed by WBTC/WETH at 13.05%, and WETH/USDT at 10.58%. This underscores the significance of stablecoins in facilitating liquidity and trading activities on this decentralized exchange.
4.2.2. Stablecoin Active Trading Pairs in Uniswap V3 (Arbitrum One)
Uniswap V3 (Arbitrum One) Top Trading Pairs
Volume %
USDC/WETH
28.12%
WETH/USDC.E
15.09%
WETH/USDT
14.58%
Stablecoin trading pairs are prevalent in Uniswap V3 (Arbitrum One)’s top three pairs. USDC/WETH leads with 28.12%, followed by WETH/USDC.E at 15.09%, and WETH/USDT at 14.58%. This indicates the significance of stablecoins in facilitating trading activities on Uniswap V3 (Arbitrum One).
4.2.3. Stablecoin Active Trading Pairs in Uniswap V2 (Ethereum)
Uniswap V2 (Ethereum) Top Trading Pairs
Volume %
WETH/USDT
5.87%
WETH/USDC
3.8%
PEPE/WETH
3.47%
Stablecoin trading pairs have a limited presence in Uniswap V2 (Ethereum)’s top three pairs. WETH/USDT leads with 5.87%, followed by WETH/USDC at 3.8%, and PEPE/WETH at 3.47%.
Endnote
This in-depth analysis report covers every development that a stablecoin enthusiast should know about the stablecoin market. The data collected from trustworthy sources ensures the quality of the report. The report clearly indicates that the stablecoin market has been consistently growing, and some of the top players have performed exceptionally well. Additionally, the report hints at some unexpected trends.
Tags: Monthly Report, Stablecoin