May Update: Comprehensive Monthly Report on Stablecoin Performance and Analysis
Welcome to the latest edition of the Stablecoin Report, where we take a deep dive into the ever-evolving landscape of stablecoins in the crypto market. Our analysis is based on the most reliable data from authoritative sources, providing you with a comprehensive examination of the stablecoin sector. Join us as we explore the intricate dynamics, trends, and developments shaping the world of stablecoins in this month’s report.
1. Top Stablecoins: A Simple Analysis
To determine 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
Market capitalization reflects the total value of stablecoins in circulation, indicating their adoption, trust, and usage in transactions and investments. The top seven stablecoins by market capitalization are Tether, USDC, Dai, Ethena USDe, First Digital USD, USDD, and Frax.
Among these, Tether holds the highest market capitalization of $111,715,427,768, followed by USDC with $32,157,629,415. Dai and Ethena USDe have market capitalizations of $5,311,637,590 and $2,951,205,660, respectively. Frax has the lowest market capitalization at $647,306,953, and USDD is the second lowest, followed by First Digital USD.
1.2. Top Stablecoins by Market Dominance
Market dominance indicates the share of a stablecoin’s market capitalization relative to the total market. Higher dominance signifies that a stablecoin is a leading player, widely trusted, and extensively used. The top seven stablecoins by market dominance are Tether, USDC, Dai, Ethena USDe, First Digital USD, USDD, and Frax.
Tether leads the pack with a massive dominance of 71.45%, followed by USDC with 20.53%. Dai holds the third-largest market dominance at 3.40%, while the others have less than 5% market share.
1.3. Top Stablecoins by Trading Volume
Trading volume reflects the total value of transactions involving stablecoins over a specific period. Higher trading volume indicates active trading, indicating high liquidity and demand. The top three stablecoins by trading volume are Tether, USDC, and First Digital USD.
Tether has the highest trading volume of $40,940,344,137, followed by USDC with $6,495,631,952. First Digital USD records a trading volume of $6,068,644,021. USDD has the lowest trading volume among the top seven stablecoins.
2. Stablecoin Price Analysis: An In-Depth Overview
Let’s now delve into an in-depth analysis of the seven stablecoins based on their dominance and market capitalization.
2.1. Stablecoin One Month Change
Among the top seven stablecoins, Ethena USDe has experienced the highest one-month positive change of +26.36%. USDD follows with +3.52%. On the other hand, First Digital USD recorded the highest one-month negative change of -35.22%, with USDC following at -2.33%. The other stablecoins show moderate changes.
2.2. Stablecoin One Month % Off Peg
The One Month % Off Peg indicator reflects the percentage deviation of stablecoins from their target value (usually $1) over the past month. Negative off peg values indicate undervaluation, while positive off peg values indicate overvaluation. Among the top stablecoins, Tether and USDC have a very small off peg value of -0.15%. The others also maintain close alignment with their target value.
3. Stablecoin Transaction Share by Blockchain: A Detailed Overview
Stablecoin transaction share by blockchains illustrates the proportion of stablecoin transactions occurring on a specific blockchain compared to the total stablecoin transactions across all blockchains.
Ethereum leads the pack with a stablecoin transaction share of 49.89%, followed by Tron with 35.52%. BSC and Arbitrum hold shares of 3.21% and 2.45%, respectively. Base, Solana, and Avalanche also contribute to the stablecoin transaction share, while others make up the remaining percentage.
3.1. USDT Transaction Share Across Blockchains
Tron dominates the USDT transaction share with 50.2%, followed closely by Ethereum with 39.96%. BSC, Arbitrum, and Avalanche also contribute to the USDT transaction share, with each blockchain having its own percentage.
3.2. USD Coin Transaction Share Across Blockchains
Ethereum dominates the USD Coin transaction share with 68.53%, followed by Base and Solana. Arbitrum and Avalanche have also shown significant growth in USD Coin transaction share.
3.3. Dai Transaction Share Across Blockchains
Ethereum dominates the Dai transaction share with 90.78%, followed by Polygon. Gnosis, Arbitrum, and Fantom also contribute to the Dai transaction share.
3.4. First Digital USD Transaction Share Across Blockchains
Ethereum dominates the First Digital USD transaction share with 94.57%, followed by BSC. Ethereum has experienced a significant negative change in the past month.
3.5. Ethena USDe Transaction Share Across Blockchains
Ethereum holds a fascinating 100% transaction share for Ethena USDe, with a significant positive change in the past month.
3.6. USDD Transaction Share Across Blockchains
Tron dominates the USDD transaction share with 99.22%, followed by Ethereum. BSC and BitTorrent also contribute to the USDD transaction share.
3.7. Frax Transaction Share Across Blockchains
Ethereum dominates the Frax transaction share with 73.65%, followed by Arbitrum. Harmony, BSC, and other blockchains also contribute to the Frax transaction share.
4. Stablecoins in Exchanges: A Simple Analysis
Let’s now analyze the level of engagement of stablecoins on cryptocurrency exchanges, focusing on the top three centralized and decentralized exchanges, and whether stablecoins feature prominently within the top three trading pairs on each platform.
4.1. Stablecoins in Centralized Exchanges
Binance, Coinbase Exchange, and Bybit are the top three centralized exchanges based on monthly visits. Each exchange has its own active trading pairs involving stablecoins.
4.1.1. Stablecoin Active Trading Pairs in Binance
The most active trading pair on Binance is BTC/FDUSD, followed by BTC/USDT and ETH/FDUSD.
4.1.2. Stablecoin Active Trading Pairs in Coinbase Exchange
The most active trading pair on Coinbase Exchange is BTC/USD, followed by ETH/USD and USDT/USD.
4.1.3. Stablecoin Active Trading Pairs in Bybit
The most active trading pair on Bybit is BTC/USDT, followed by ETH/USDT and BTC/USDC.
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. Each exchange has its own active trading pairs involving stablecoins.
4.2.1. Stablecoin Active Trading Pairs in Uniswap V3 (Ethereum)
The most active trading pair on Uniswap V3 (Ethereum) is WETH/USDC, followed by WETH/USDT and USDC/USDT.
4.2.2. Stablecoin Active Trading Pairs in Uniswap V3 (Arbitrum One)
The most active trading pair on Uniswap V3 (Arbitrum One) is USDC/WETH, followed by WETH/USDT and WBTC/WETH.
4.2.3. Stablecoin Active Trading Pairs in Uniswap V2 (Ethereum)
The most active trading pair on Uniswap V2 (Ethereum) is PEPE/WETH, followed by MAGA/WETH and JENNER/WETH.
Endnote
This in-depth analysis report provides a comprehensive overview of the stablecoin market, covering all the essential developments and trends. The data collected from reliable sources ensures the accuracy and reliability of the report. The report highlights the consistent growth of the stablecoin market and showcases the performance of the top players. It also reveals some unexpected trends that are worth noting.
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Monthly Report
Stablecoin