Navigating the Top Performers and Trends in the Market: A Comprehensive Monthly Stablecoin Report
Welcome to the monthly Stablecoin Report, where we will explore the ever-evolving landscape of stablecoins in the crypto market. This comprehensive analysis will provide insights into the stablecoin sector using reliable data from authoritative sources. Join us as we delve into the intricate dynamics, trends, and developments shaping the world of stablecoins in this month’s report.
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1. Top Stablecoins: A Simple Analysis
In our simple analysis to identify the top stablecoins in the market this month, we consider three parameters: market capitalization, market dominance, and trading volume.
1.1. Top Stablecoins by Market Capitalization
Stablecoins
Market Capitalization
Tether
$97,914,593,417
USDC
$28,184,111,999
Dai
$5,345,820,706
First Digital USD
$3,304,111,463
TrueUSD
$1,256,008,250
USDD
$738,038,011
Frax
$648,035,200
Tether dominates the stablecoin market with a market capitalization of $97.91 billion, followed by USDC at $28.18 billion. Dai holds the third position with $5.35 billion, while First Digital USD and TrueUSD follow suit. USDD and Frax have smaller market shares. Tether’s significant lead underscores its prominence in the stablecoin space.
1.2. Top Stablecoins by Market Dominance
Stablecoins
Market Dominance [in %]
Tether
71.47%
USDC
20.57%
Dai
3.61%
First Digital USD
2.42%
TrueUSD
0.92%
USDD
0.54%
Frax
0.47%
Tether maintains its dominance in the stablecoin market with a 71.47% share, far ahead of its closest competitor, USDC, at 20.57%. Dai, First Digital USD, and TrueUSD follow with smaller percentages. USDD and Frax hold minor market shares. Tether’s dominance reflects its widespread adoption and trust within the stablecoin ecosystem.
1.3. Top Stablecoins by Trading Volume
Stablecoins
Trading Volume
Tether
$31,387,217,215
USDC
$3,324,659,847
Dai
$112,944,329
First Digital USD
$3,288,626,553
TrueUSD
$48,943,945
USDD
$9,044,641
Frax
$7,149,932
Tether leads in trading volume with $31.39 billion, followed by USDC at $3.32 billion and First Digital USD at $3.29 billion. Dai, TrueUSD, USDD, and Frax have lower trading volumes. Tether’s significantly higher volume suggests its widespread use for trading and liquidity provision in the crypto market.
2. Stablecoin Price Analysis: An In-Depth Overview
At the time of writing this report, Tether, USD Coin, Dai, First Digital USD, TrueUSD, USDD, and Frax are the top seven stablecoins based on market capitalization.
Let’s conduct an in-depth price analysis focusing on these seven coins.
2.1. Stablecoin One Month Change
Stablecoins
One Month Change (in %)
Tether
+1.96%
USDC
+7.79%
Dai
-5.68%
First Digital USD
+32.71%
TrueUSD
-22.11%
USDD
+2.28%
Frax
-0.22%
First Digital USD experienced the highest one-month change at +32.71%, followed by USDC at +7.79%. Tether saw a modest increase of +1.96%, while TrueUSD suffered the most significant decline at -22.11%. Dai and Frax also experienced decreases, indicating fluctuations in stability and market demand among the top seven stablecoins.
2.2. Stablecoin One Month % Off Peg
Stablecoins
1M % Off Peg
Tether
+0.40%
USDC
+0.50%
Dai
+0.30%
First Digital USD
+1.20%
TrueUSD
-2.71%
USDD
-0.82%
Frax
+0.50%
Among the top seven stablecoins, TrueUSD experienced the highest deviation from its peg at -2.71%, while First Digital USD, USDC, Frax, Tether, and Dai were slightly above the pegs. USDD deviated negatively, though less significantly. These deviations indicate market dynamics influencing stablecoin prices relative to their intended pegs.
3. Stablecoins in Blockchains: A Detailed Overview
Blockchains
Stablecoins Market Cap
Ethereum
$72.143B
Tron
$51.487B
BSC
$4.658B
Arbitrum
$2.287B
Solana
$2.228B
Polygon
$1.474B
Avalanche
$1.133B
Ethereum dominates the stablecoin market cap among blockchains with $72.143 billion, followed by Tron at $51.487 billion. Binance Smart Chain, Arbitrum, Solana, Polygon, and Avalanche hold smaller shares. Ethereum’s significant lead highlights its role as a primary platform for stablecoin issuance and transactions within the crypto ecosystem.
3.1. USDT Dominance in Blockchains
Blockchains
USDT Dominance
Tron
50.72%
Ethereum
40.28%
BSC
3.66%
Arbitrum
1.76%
Solana
0.80%
Others
2.78%
Tron leads in USDT dominance among blockchains with 50.72%, followed by Ethereum at 40.28%. Binance Smart Chain (BSC), Arbitrum, and Solana have smaller shares. Tron’s significant lead in USDT dominance reflects its popularity as a platform for USDT transactions, while Ethereum maintains a notable presence in the stablecoin market.
3.2. USD Coin Dominance in Blockchains
Blockchains
USD Coin Dominance
Ethereum
82.16%
Solana
5.25%
Polygon
1.97%
BSC
1.64%
Arbitrum
1.41%
Others
7.57%
Ethereum dominates USD Coin usage among blockchains with 82.16%, highlighting its stronghold in facilitating USDC transactions. Solana follows with 5.25%, while Polygon, Binance Smart Chain, and Arbitrum hold smaller shares. Ethereum’s dominance underscores its significance in the ecosystem for USDC-based transactions and liquidity provision.
3.3. Dai Dominance in Blockchains
Blockchains
Dai Dominance
Ethereum
91.12%
Polygon
2.74%
Arbitrum
1.61%
Gnosis
1.57%
Others
2.96%
Ethereum overwhelmingly dominates Dai usage among blockchains with 91.12%, underscoring its pivotal role as the primary platform for Dai transactions and liquidity. Polygon follows distantly with 2.74%, while Arbitrum and Gnosis have smaller shares. Ethereum’s dominance reflects its robust infrastructure supporting Dai’s decentralized stablecoin ecosystem.
3.4. First Digital USD Dominance in Blockchains
Blockchains
First Digital USD Dominance
Ethereum
95.07%
BSC
4.93%
Ethereum overwhelmingly dominates First Digital USD usage among blockchains with 95.07%, highlighting its central role as the primary platform for transactions involving this stablecoin. Binance Smart Chain follows with a smaller share of 4.93%. Ethereum’s dominance underscores its robust infrastructure supporting First Digital USD transactions and liquidity.
3.5. TrueUSD Dominance in Blockchains
Blockchains
TrueUSD Dominance
Tron
68.77%
Ethereum
30.79%
Others
0.44%
Among blockchains, Tron dominates TrueUSD usage with 68.77%, while Ethereum follows with 30.79%. Tron’s significant lead underscores its role as the primary platform for TrueUSD transactions and liquidity. Ethereum, although having a smaller share, still maintains a notable presence in facilitating TrueUSD transactions within its ecosystem.
3.6. USDD Dominance in Blockchains
Blockchains
USDD Dominance
Tron
99.26%
Ethereum
0.62%
Others
0.12%
Tron overwhelmingly dominates USDD usage among blockchains with 99.26%, illustrating its central role in facilitating transactions involving this stablecoin. Ethereum trails significantly with only 0.62% dominance. Tron’s dominance reflects its robust infrastructure supporting USDD transactions, while Ethereum’s smaller share indicates lesser utilization for USDD transactions within its ecosystem.
3.7. Frax Dominance in Blockchains
Blockchains
Frax Dominance
Ethereum
87.11%
Arbitrum
6.14%
Harmony
1.25%
BSC
1.01%
Others
4.49%
Ethereum dominates Frax usage among blockchains with 87.11%, highlighting its central role in facilitating transactions involving this stablecoin. Arbitrum follows with 6.14%, while Harmony and Binance Smart Chain have smaller shares. Ethereum’s dominance underscores its robust infrastructure supporting Frax transactions and liquidity within the ecosystem.
4. Stablecoins in Exchanges: A Simple Analysis
Let’s examine the level of engagement of stablecoins on cryptocurrency exchanges by focusing on the top three centralized and decentralized exchanges, exploring whether stablecoins feature prominently within the top five 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 73.5 million, 42.1 million, and 29 million visits respectively. Let’s analyze these three centralized exchanges.
4.1.1. Stablecoin Active Trading Pairs in Binance
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Binance Top Trading Pairs
Volume %
BTC/FDUSD
13.02%
ETH/USDT
9.81%
BTC/USDT
7.93%
FDUSD/USDT
6.92%
ETH/FDUSD
5.52%
In Binance’s active trading pairs, BTC/FDUSD leads with 13.02%, followed by ETH/USDT at 9.81% and BTC/USDT at 7.93%. FDUSD/USDT and ETH/FDUSD also contribute, albeit to a lesser extent. These pairs indicate significant trading activity involving Bitcoin, Ethereum, and stablecoins like FDUSD and USDT on Binance’s platform.
4.1.2. Stablecoin Active Trading Pairs in Coinbase Exchange
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Coinbase Top Trading Pairs
Volume %
ETH/USD
18.59%
BTC/USD
15.0%
USDT/USD
10.85%
SOL/USD
2.59%
COTI/USD
1.93%
Coinbase’s active trading pairs are dominated by fiat-to-cryptocurrency pairs, with ETH/USD leading at 18.59%, followed by BTC/USD at 15.0% and USDT/USD at 10.85%. These pairs reflect significant trading activity between cryptocurrencies and traditional fiat currencies, particularly Ethereum and Bitcoin against the US dollar, on Coinbase’s platform.
4.1.3. Stablecoin Active Trading Pairs in OKK
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OKK Top Trading Pairs
Volume %
ETH/USDT
21.24%
BTC/USDT
14.3%
ETH/USDC
3.86%
FIL/USDT
3.7%
WLD/USDT
3.31%
On OKK exchange, stablecoin trading pairs are prominent, with ETH/USDT leading at 21.24% and BTC/USDT following at 14.3%. Other pairs like ETH/USDC, FIL/USDT, and WLD/USDT also contribute, albeit to a lesser extent. This reflects a significant preference for trading Ethereum and Bitcoin against stablecoins like USDT and USDC on OKK.
4.2. Stablecoins in Decentralized Exchanges
Jupiter, Uniswap V3 (Ethereum), and Uniswap V3 (Arbitrum One) are the top three decentralized exchanges based on monthly visits, attracting 9.7 million, 9.4 million, and 9.4 million visits respectively. Let’s analyze these three decentralized exchanges.
4.2.1. Stablecoin Active Trading Pairs in Jupiter
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Jupiter Top Trading Pairs
Volume
USDC/SOL
$65,612,311
JITOSOL/SOL
$15,168,395
USDC/USDT
$14,913,900
USDC/JUP
$11,815,722
JUP/SOL
$9,401,574
Jupiter’s active trading pairs feature USDC heavily, with USDC/SOL leading in volume at $65,612,311. Other pairs like USDC/USDT and USDC/JUP follow, indicating a significant preference for trading USDC against SOL and other cryptocurrencies on the Jupiter exchange, reflecting its importance as a stablecoin for trading on this platform.
4.2.2. Stablecoin Active Trading Pairs in Uniswap V3 (Ethereum)
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Uniswap V3 (Ethereum) Top Trading Pairs
Volume %
USDC/WETH
13.61%
WETH/USDC
13.43%
WBTC/WETH
10.19%
WETH/USDT
7.84%
In Uniswap V3 (Ethereum), stablecoin trading pairs are prevalent, with USDC/WETH and WETH/USDC leading at 13.61% and 13.43% respectively. WBTC/WETH follows at 10.19%, indicating significant trading activity involving Wrapped Bitcoin and Wrapped Ether. These pairs reflect users’ preference for trading between stablecoins and cryptocurrencies on Uniswap V3 (Ethereum).
4.2.3. Stablecoin Active Trading Pairs in Uniswap V3 (Arbitrum One)
Uniswap V3 (Arbitrum One) Top Trading Pairs
Volume %
USDC/WETH
27.42%
WETH/USDV.E
13.43%
WBTC/WETH
12.16%
WETH/USDT
11.01%
ARB/USDC.E
9.92%
In Uniswap V3 (Arbitrum One), stablecoin trading pairs dominate, with USDC/WETH leading at 27.42%. Other pairs like WETH/USDV.E and WBTC/WETH follow. These pairs reflect users’ preference for trading with stablecoins and enhancing liquidity on Arbitrum One’s decentralized exchange platform.
In conclusion, this in-depth analysis report provides valuable insights into the stablecoin market. The data collected from trustworthy sources ensures the quality and accuracy of the report. The report highlights the consistent growth of the stablecoin market and the exceptional performance of top players like Tether. It also reveals unexpected trends that are shaping the stablecoin ecosystem.
Tags: Stablecoin