March Market Analysis & Key Trends in Focus: Top Stablecoins Report
Unlocking the Mysteries of Stablecoins: A Comprehensive Guide
Are you curious about the factors that keep the crypto market afloat during turbulent times? Look no further than stablecoins, the game changers of the crypto world!
This insightful Coinpedia guide is your key to unraveling the secrets of the top stablecoins. We will delve into the market leaders, closely examine price stability, and explore the intriguing relationship between stablecoins and the blockchains they operate on.
Get ready for an exciting journey as we delve into how stablecoins are revolutionizing both centralized and decentralized exchanges. Are they truly the future of crypto trading? Let’s find out!
1. A Simple Analysis of the Top Stablecoins
To determine the top stablecoins in the market this month, we will 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 the pack 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 hold 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 (%)
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, highlighting 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 way in trading volume among stablecoins 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 reflects the total value of stablecoins exchanged in the market, showcasing Tether’s dominance in terms of liquidity and active trading.
2. An In-Depth Overview of Stablecoin Prices
Tether, USD Coin, Dai, First Digital USD, Ethena USDe, USDD, FRAX, and TrueUSD are the top eight stablecoins based on market capitalization at the time of this report. Let’s dive into an in-depth price analysis of these eight coins.
2.1. One-Month Change in Stablecoin Prices
Stablecoins
One-Month Change (%)
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 experienced the highest one-month change with an increase of 210%, followed by USDC at +17.17% and Tether at +6.64%. TrueUSD, Frax, First Digital USD, Dai, and USDD saw declines in their prices.
2.2. Deviation from Peg in Stablecoin Prices
Stablecoins
One-Month % 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%
TrueUSD had the largest negative deviation from its peg at -3.56%, followed by First Digital USD at -0.88%. Tether, USDC, and Dai had slight positive deviations, while Frax, USDD, and Ethena USDe had minor negative deviations. The one-month % Off Peg indicates the stability of a stablecoin in relation to its target price, with negative deviation considered more concerning.
3. A Detailed Overview of Stablecoins on Blockchains
Blockchains
Stablecoin 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%
Within blockchain ecosystems, USDT dominates with 69.76%, followed by USDC at 21.11% and DAI at 3.16%. FDUSD, USDe, USDD, TUSD, and FRAX hold smaller shares. This dominance reflects the proportion of stablecoin transactions conducted on each blockchain. 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 on 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 indicates the proportion of Tether transactions occurring on each blockchain, with Tron and Ethereum emerging as major platforms for USDT transactions, influencing liquidity and ecosystem stability.
3.2. USD Coin Dominance on 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 on 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 on 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%. The data indicates that Ethereum is the primary platform facilitating liquidity and usage of FDUSD within its ecosystem.
3.5. Ethena USDe Dominance on 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 on 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 on 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 on 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 reveals Ethereum as the primary platform fostering Frax’s liquidity and stability.
4. A Simple Analysis of Stablecoins on Exchanges
Let’s examine the level of engagement of stablecoins on cryptocurrency exchanges by focusing on the top three centralized and decentralized exchanges. We will explore whether stablecoins feature prominently within the top three trading pairs on each platform.
4.1. Stablecoins on Centralized Exchanges
Binance, Coinbase Exchange, and OKK are the top three centralized exchanges based on monthly visits, with 72.3M, 43.1M, and 27.7M monthly visits, respectively. Let’s analyze these exchanges.
4.1.1. Stablecoin Active Trading Pairs on 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, with volumes of 16.48%, 12.97%, and 7.82% respectively. This indicates the significant role stablecoins play in this crypto exchange.
4.1.2. Stablecoin Active Trading Pairs on 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 the usage of stablecoins. 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 on 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 on Decentralized Exchanges
Uniswap V3 (Ethereum), Uniswap V3 (Arbitrum One), and Uniswap V2 (Ethereum) are the top three decentralized exchanges based on monthly visits, with all three attracting over 10,000,000 monthly visits. Let’s analyze these exchanges.
4.2.1. Stablecoin Active Trading Pairs on 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 are prominent 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 on 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 on 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
Armed with this comprehensive knowledge, you are now equipped to navigate the dynamic world of stablecoins. You can confidently assess the top players, understand their price stability, and see how they interact with different blockchains and exchanges.
Whether you seek a safe haven in the crypto storm or a tool to streamline your trading, stablecoins offer exciting possibilities. Remember to stay curious, keep learning, and embrace the opportunities that come your way!