Report on Stablecoin Market: Comprehensive Analysis and Valuable Insights

Welcome to the monthly Stablecoin Report, where we explore the ever-changing landscape of stablecoins in the wider cryptocurrency market. As we write this report, the global crypto market has reached a remarkable valuation of $1.55 trillion, demonstrating the increasing impact of digital assets worldwide.

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In this vast market, stablecoins play a crucial role, with a combined market capitalization of $134.51 billion. This significant figure represents approximately 8.68% of the total global crypto market, highlighting the importance and stability that stablecoins bring to the overall ecosystem.

Our analysis will provide a comprehensive examination of the stablecoin sector, utilizing the most 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.

1. Top Stablecoins: A Simple Analysis
To gain a simple understanding of 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
$95,512,604,444
TrueUSD
$1,837,736,389
USDC
$25,853,040,903
Dai
$5,187,453,830
Frax
$648,327,962
USDD
$720,341,121
First Digital USD
$2,647,942,680
Tether dominates the stablecoin market with an impressive market capitalization of $95.5 billion. USDC follows closely with $25.9 billion. Other prominent stablecoins in the market include Dai, First Digital USD, and TrueUSD.

1.2. Top Stablecoins by Market Dominance


Stablecoins
Market Dominance
Tether
72.1%
TrueUSD
1.39%
USDC
19.53%
Dai
3.93%
Frax
0.49%
USDD
0.55%
First Digital USD
2.00%
Others
0.01

Tether commands a dominant market share of 72.2%, highlighting its widespread use and significance. USDC and First Digital USD follow with market dominances of 19.53% and 2.00% respectively. Other stablecoins such as TrueUSD, Dai, Frax, and USDD contribute to the diversity of the market.

1.3. Top Stablecoins by Trading Volume


Stablecoins
Trading Volume
Tether
$34,376,719,826
TrueUSD
$64,096,739
USDC
$5,204,068,449
Dai
$166,475,273
Frax
$14,949,300
USDD
$7,805,256
First Digital USD
$4,096,613,965

Tether leads the stablecoin market in terms of trading volume with $34.4 billion, indicating its high liquidity and extensive use in crypto transactions. USDC follows closely with a substantial volume of $5.2 billion, highlighting its active participation in the market. First Digital USD also demonstrates significant trading activity at around $4.1 billion.

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
Price
One Month Change
Tether (USDT)
$0.9992
+4.52%
USD Coin (USDC)
$0.9997
+1.81%
Dai (DAI)
$0.9995
-2.25%
First Digital USD (FDUSD)
$0.9975
+25.14%
TrueUSD (TUSD)
$0.9839
-24.69%
USDD (USDD)
$0.9940
+0.60%
Frax (FRAX)
$0.9977
-0.27%

Over the past month, stablecoins have experienced varied price changes. Notably, First Digital USD (FDUSD) surged by an impressive 25.14%, indicating significant market demand. Tether (USDT) also demonstrated strength, gaining 4.52%, while TrueUSD (TUSD) saw a decline of 24.69%. These fluctuations demonstrate the dynamic nature of stablecoin values.

2.2. Stablecoin One Month % Off Peg


Stablecoins
1M % Off Peg
Tether (USDT)
+0.30
USD Coin (USDC)
-0.30
Dai (DAI)
-0.36
First Digital USD (FDUSD)
+0.60
TrueUSD (TUSD)
-1.72
USDD (USDD)
-2.01
Frax (FRAX)
-0.70

Stablecoins’ performance relative to their pegs over the past month has shown varied results. Tether (USDT) and First Digital USD (FDUSD) managed slight positive deviations of +0.30% and +0.60% respectively. TrueUSD (TUSD) and USDD experienced extreme negative deviations of -1.72% and -2.01%, indicating a deviation below their pegs.

3. Stablecoins in Blockchains: A Detailed Overview


Blockchains
Stablecoins Market Cap
Ethereum
$69.467b
Tron
$50.823b
BSC
$4.613b
Arbitrum
$2.078b
Solana
$1.927b
Polygon
$1.316b
Avalanche
$1.099b
Optimism
$603.01m
Fantom
$341.69m
Base
$296.63m
Terra Classic
$215.81m

Ethereum stands as the leading blockchain for hosting stablecoins, with a substantial market cap of $69.47 billion, highlighting its dominance in decentralized finance (DeFi). Tron follows with a $50.82 billion market cap, providing a robust alternative for stablecoin transactions. Binance Smart Chain (BSC) ranks third with $4.61 billion, showcasing its emerging role in the crypto space. Stablecoins are also present on Arbitrum, Solana, Polygon, Avalanche, Optimism, Fantom, Base, and Terra Classic, demonstrating the diversification of blockchain platforms supporting the stablecoin ecosystem.

3.1. USDT Dominance in Blockchains


Blockchains
USDT Dominance
Total Circulating
Tron
50.5%
48.247b
Ethereum
40.69%
38.876b
BSC
3.75%
3.581b
Arbitrum
1.59%
1.52b
Solana
0.86%
820.08m
Others
2.61%

Tron leads in USDT dominance among blockchains with 50.5%, reflecting its significant role in supporting Tether transactions. Ethereum closely follows with 40.69%, indicating its prominence in hosting the stablecoin. BSC, Arbitrum, and Solana contribute to the ecosystem with 3.74%, 1.59%, and 0.86% USDT dominance respectively. These percentages highlight the distribution of Tether across various blockchains, emphasizing Tron and Ethereum as key platforms. The total circulating supply further emphasizes Tron’s and Ethereum’s larger role in facilitating Tether transactions compared to other blockchains in the dataset.

3.2. USD Coin Dominance in Blockchains


Blockchains
USD Coin Dominance
Total Circulating
Ethereum
82.7%
20.544b
Solana
4.34%
1.078b
Polygon
1.85%
460.19m
BSC
1.81%
448.98m
Tron
1.74%
433.5m
Others
7.56%

Ethereum dominates the USD Coin (USDC) landscape among blockchains with an impressive 82.7% dominance, showcasing its crucial role in supporting USDC transactions. Solana follows with a 4.34% share, indicating its growing significance. Polygon, Binance Smart Chain (BSC), and Tron contribute with 1.85%, 1.81%, and 1.74% dominance respectively. These percentages reflect the distribution of USDC across various blockchains, highlighting Ethereum’s substantial influence. The total circulating supply further underscores Ethereum’s lead.

3.3. Dai Dominance in Blockchains


Blockchains
Dai Dominance
Total Circulating
Ethereum
92%
4.724b
Polygon
2.28%
117.08m
Arbitrum
1.48%
75.77m
Gnosis
1.43%
73.39m
Fantom
0.68%
35.12m
Others
2.13%

Ethereum overwhelmingly dominates the Dai landscape among blockchains with an impressive 92% dominance, emphasizing its integral role in supporting Dai transactions. Polygon, Arbitrum, Gnosis, and Fantom contribute with 2.28%, 1.48%, 1.43%, and 0.68% dominance respectively. These percentages highlight the distribution of Dai across various blockchains, with Ethereum being the primary host. The total circulating supply underscores Ethereum’s significant influence.

3.4. First Digital USD Dominance in Blockchains


Blockchains
First Digital USD Dominance
Total Circulating
Ethereum
97.76%
2.155b
BSC
2.24%
49.38m

Ethereum overwhelmingly dominates the First Digital USD (FDUSD) landscape as well, with an impressive 97.76% dominance, showcasing its central role in supporting FDUSD transactions. Binance Smart Chain (BSC) follows with a 2.24% share, indicating a lesser but still present influence. The total circulating supply underscores Ethereum’s overwhelming dominance.

3.5. TrueUSD Dominance in Blockchains


Blockchains
TrueUSD Dominance
Total Circulating
Tron
78.57%
1.441b
Ethereum
18.46%
338.58m
BSC
2.72%
49.94m
Avalanche
0.16%
2.98m
Fantom
0.03%
467,469
Others
0.06

Tron dominates the TrueUSD landscape among blockchains with an impressive 78.57% dominance, underscoring its significant role in supporting TrueUSD transactions. Ethereum follows with an 18.46% share, indicating a notable but smaller influence. Binance Smart Chain contributes 2.72%, while Avalanche and Fantom hold 0.16% and 0.03% dominance respectively. The total circulating supply clearly underscores Tron’s dominance.

3.6. USDD Dominance in Blockchains


Blockchains
USDD Dominance
Total Circulating
Tron
99.16%
719.27m
Ethereum
0.65%
4.68m
Bittorrent
0.1%
694,205
BSC
0.09%
683,879

Tron overwhelmingly dominates the USDD landscape among blockchains with an exceptional 99.16% dominance, highlighting its central role in supporting USDD transactions. Ethereum, Bittorrent, and Binance Smart Chain (BSC) contribute with 0.65%, 0.1%, and 0.09% dominance respectively, indicating marginal influence. The total circulating supply further underscores Tron’s dominance.

3.7. Frax Dominance in Blockchains


Blockchains
Frax Dominance
Total Circulating
Ethereum
88.88%
577.22m
Arbitrum
4.37%
28.38m
Harmony
1.25%
8.14m
BSC
1.01%
6.54m
Fantom
0.92%
5.99m
Others
3.57%

Ethereum leads in Frax dominance among blockchains with a substantial 88.88%, emphasizing its important role in supporting Frax transactions. Arbitrum, Harmony, Binance Smart Chain, and Fantom contribute with 4.37%, 1.25%, 1.01%, and 0.92% dominance respectively. The total circulating supply further underscores Ethereum’s dominance.

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 74.2M, 44.1M, and 30.5M monthly visits respectively. Let’s analyze these three centralized exchanges.

4.1.1. Most Active Trading Pairs in Binance


Binance Top Trading Pairs
Volume %
BTC/FDUSD
20.12%
BTC/USDT
10.95%
FDUSD/USDT
8.89%
ETH/USDT
6.10%
USDC/USDT
4.43%

On Binance, stablecoins play a significant role in the most active trading pairs. BTC/FDUSD leads with 20.12%, followed by BTC/USDT at 10.95%, emphasizing the prominence of both stablecoins (FDUSD and USDT) against major cryptocurrencies. FDUSD/USDT and ETH/USDT contribute 8.89% and 6.10% respectively, showcasing the popularity of stablecoin trading pairs. Even USDC/USDT at 4.43% further underlines the relevance of stablecoins in trading activities.

4.1.2. Most Active Trading Pairs in Coinbase Exchange


Coinbase Top Trading Pairs
Volume %
BTC/USD
36.95%
USDT/USD
14.32%
ETH/USD
8.33%
SOL/USD
5.42%
AVAX/USD
2.17%

Coinbase’s most active trading pairs reveal a dominance of fiat-based pairs, with BTC/USD leading at 36.95%, showcasing the significance of trading against the US Dollar. USDT/USD, a stablecoin pair, holds a notable 14.3%, emphasizing the continued role of stablecoins in trading. ETH/USD, SOL/USD, and AVAX/USD contribute with 8.33%, 5.42%, and 2.17% respectively, highlighting the prevalence of major cryptocurrencies against the US Dollar.

4.1.3. Most Active Trading Pairs in OKK


OKK Top Trading Pairs
Volume %
BTC/USDT
29.27%
ETH/USDT
12.07%
SOL/USDT
4.53%
ORDI/USDT
3.75%
SUI/USDT
3.37%
BTC/USDC
3.00%

In OKK, trading pairs against USDT dominate, with BTC/USDT leading at 29.27%, showcasing a preference for stablecoin-based trading. ETH/USDT follows with 12.07%, emphasizing the role of stablecoins in major cryptocurrency pairs. SOL/USDT, ORDI/USDT, and SUI/USDT contribute with 4.53%, 3.75%, and 3.37% respectively. Additionally, BTC/USDC at 3.00% adds to the stablecoin influence.

4.2. Stablecoins in Decentralized Exchanges
Uniswap V3 (Ethereum), Jupiter, and Uniswap V3 (Arbitrum One) are the top three decentralized exchanges based on market share by volume, enjoying 20.6%, 12.7%, and 7.4% market share by volume respectively. Let’s analyze these three decentralized exchanges.

4.2.1. Most Active Trading Pairs in Uniswap V3 (Ethereum)


Uniswap V3 (Ethereum) Top Trading Pairs
Volume %
WETH/USDC
25.41%
WETH/USDT
19.78%
WETH/USDT
6.75%
SAVM/WETH
6.35%
USDC/USDT
4.00%

On Uniswap V3 (Ethereum), stablecoins play a prominent role in the most active trading pairs. WETH/USDC leads with 25.41%, emphasizing the popularity of trading against the US Dollar through the stablecoin USDC. WETH/USDT follows at 19.78%, further highlighting the preference for stablecoins. SAVM/WETH and USDC/USDT contribute 6.35% and 4.00% respectively, indicating a consistent use of stablecoins within the top trading pairs.

4.2.2. Most Active Trading Pairs in Jupiter


Jupiter Top Trading Pairs
24h Volume
USDC/SOL
$110,608,407
USDC/USDT
$49,254,617
USDT/SOL
$29,657,862
JITOSOL/SOL
$17,830,502
WIF/SOL
$17,770,533

In Jupiter, the most active trading pairs reveal a dominance of stablecoins. USDC/SOL leads with $110,608,407, showcasing the popularity of trading against a stable value. USDC/USDT follows at $49,254,617, emphasizing the significance of stablecoins in trading activities. USDT/SOL, JITOSOL/SOL, and WIF/SOL contribute to the ecosystem, reflecting the influence of stablecoins within the top trading pairs.

4.2.3. Most Active Trading Pairs in Uniswap V3 (Arbitrum One)


Uniswap V3 (Arbitrum One) Top Trading Pairs
Volume %
WETH/USDC.E
23.39%
USDC/WETH
15.16%
ARB/WETH
14.19%
ARB/USDC.E
10.60%
WETH/USDT
9.56%

On Uniswap V3 (Arbitrum One), stablecoins play a key role in the most active trading pairs. WETH/USDC.E leads with 23.39%, highlighting the significance of trading against a stable value. USDC/WETH follows at 15.16%, emphasizing the importance of stablecoins in trading activities. ARB/WETH, ARB/USDC.E, and WETH/USDT contribute 14.19%, 10.60%, and 9.56% respectively, showcasing the continued influence of stablecoins within the top trading pairs.

Tags
Monthly Report
Stablecoin

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