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Welcome to the monthly Stablecoin Report, where we delve into the dynamic landscape of stablecoins within the broader crypto market. Our analysis will comprehensively examine the stablecoin sector, leveraging the most reliable data from authoritative sources. 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 do a simple analysis aimed at finding the top stablecoins of the market in this month, generally, we consider three parameters: market capitalization, market dominance and trading volume.

1.1. Top Stablecoins by Market Capitalisation 

Stablecoins Market Capitalisation Tether $103,791,045,667USDC$32,181,228,114Dai$4,796,620,098First Digital USD$2,621,949,483Ethena USDe$1,324,155,406USDD$727,929,913Frax$646,091,575

Among stablecoins, Tether leads with $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 capitalisation reflects the total value of coins in circulation, indicating Tether’s dominance in stablecoin markets.

1.2. Top Stablecoins by Market Dominance 

Stablecoins Market Dominance [in %] Tether 71.12%USDC21.97%Dai3.28%First Digital USD1.79%Ethena USDe0.90%USDD0.50%Frax0.44%Others1.42%

Tether dominates stablecoin markets with 71.12% market dominance, 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 total stablecoin market controlled by each coin, highlighting Tether’s significant lead over competitors in terms of usage and adoption. 

1.3. Top Stablecoins by Trading Volume 

Stablecoins Trading Volume Tether $73,628,466,066USDC$8,311,288,744First Digital USD$7,807,644,491Dai$336,879,569Ethena USDe$52,777,020Frax$10,049,878USDD$7,955,212

Tether leads stablecoins in trading volume with $73.6 billion, followed by USDC at $8.3 billion and First Digital USD at $7.8billion. 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 compared to other stablecoins. 

2. Stablecoin Price Analysis: An In-Depth Overview 

Tether, USD Coin, Dai, First Digital USD, Ethena USDe, USDD, FRAX, and TrueUSD are the top eight stablecoins on the basis of market capitalisation, at the time of developing this report.

Let’s do 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 in one-month change with a 210% increase, followed by USDC at +17.17% and Tether at +6.64%. TrueUSD, Frax, First Digital USD, Daui and USDD experienced declines. 

2.2. Stablecoin One Month % Off Peg

Stablecoins 1M % Off PegTether +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. Negative deviation from peg is considered more dangerous for stablecoins’ stability. 

3. Stablecoins in Blockchains: A Detailed Overview 

BlockchainsStablecoins DominanceUSDT69.76%USDC21.11%DAI3.16%FDUSD1.5%USDe0.89%USDD0.49%TUSD0.4%FRAX0.27%Others2.42%

In 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 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 substantial presence. 

3.1. USDT Dominance in Blockchains 

BlockchainsUSDT Dominance Tron49.82%Ethereum 41.04%BSC3.44%Arbitrum 2%Avalanche 0.86%Others2.84%

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 

BlockchainsUSD Coin Dominance Ethereum 78.39%Solana 6.47%Arbitrum 3.59%Base2.24%BSC1.72%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 

BlockchainsDai Dominance Ethereum 90.49%Polygon 3.33%Gnosis 1.72%Arbitrum 1.55%Fantom 0.74%Others2.17%

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 

BlockchainsFirst Digital USD DominanceEthereum 94.7%BSC5.3%

Ethereum dominates in First Digital USD among blockchains with 94.7%, followed by BSC at 5.3%. The date indicates that Ethereum is the primary platform, which facilitates liquidity and usage of FDUSD within its ecosystem.  

3.5. Ethena USDe Dominance in Blockchains 

BlockchainsEthena USDe DominanceEthereum 100%Others 0%

Ethereum exclusively dominates Ethena USDe among blockchains with 100%, indicating all Ethereum USDe transactions occur on Ethereum. 

3.6. USDD Dominance in Blockchains 

BlockchainsUSDD DominanceTron99.24%Ethereum 0.64%Others 0.12%

Tron overwhelmingly dominates USDD among blockchains with 99.24%, followed by a minimal presence on Ethereum and other blochains. This indicates Tron’s crucial role in facilitating USDD transactions. 

3.7. TrueUSD Dominance in Blockchains   

BlockchainsTrueUSD DominanceEthereum 66.58%Tron 32.51%Avalanche 0.51%BSC0.21%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 which facilitate TrueUSD transactions. 

3.8. Frax Dominance in Blockchains   

BlockchainsFrax DominanceEthereum 81.14%Arbitrum 9.26%Harmony 2.04%BSC1.64%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 tells that Ethereum is the primary platform which fosters Frax’s liquidity and stability. 

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 centralised and decentralised exchanges, exploring whether stablecoins feature prominently within the top three trading pairs on each platform.  

4.1. Stablecoins in Centralised Exchanges 

Binance, Coinbase Exchange and OKK are the top three centralised exchanges, on the basis of monthly visits, as they have attracted 72.3M, 43.1M, 27.7M monthly visits, respectively. Let’s analyse these three centralised exchanges. 

4.1.1. Stablecoin Active Trading Pairs in Binance 

Binance Top Trading Pairs Volume %BTC/FDUSD16.48%BTC/USDT12.97%ETH/USDT7.82%

Stablecoin trading pairs like BTC/FDUSD, BTC/USDT, and ETH/USDT are among Binance’s top three with 16.48%, 12.97% and 7.42% 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/USD33.96%ETH/USD9.85%USDT/USD7.07%

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/USDT23.58%ETH/USDT11.4%SOL/USDT5.34%

Stablecoin trading pairs play a significant role in OKK exchange’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 Decentralised Exchanges 

Uniswap V3 (Ethereum), Uniswap V3 (Arbitrum One), and Uniswap V2 (Ethereum) are the three top decentralised exchanges, on the basis of monthly visits, as all the three have attracted more than 10,000,000  monthly visits, respectively. Let’s analyse these three decentralised exchanges. 

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

Uniswap V3 (Ethereum) Top Trading Pairs Volume WETH/USDC25.82%WBTC/WETH13.05%WETH/USDT10.58%

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 decentralised exchange.  

4.2.2. Stablecoin Active Trading Pairs in Uniswap V3 (Arbitrum One)

Uniswap V3 (Arbitrum One) Top Trading Pairs Volume %USDC/WETH28.12%WETH/USDC.E15.09%WETH/USDT14.58%

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/USDT5.87%WETH/USDC3.8%PEPE/WETH3.47%

Stablecoin trading pairs have a limited presence in Uniswap V2(Ethereum)’ top three pairs. WETH/USDT leads with 5.87%, followed by WETH/USDC at 3.8%, and PEPE/WETH at 3.47%.   

Endnote 

The in-depth analysis report covers every development that a stablecoin enthusiast should know about the stablecoin market. The data collected from the most trustworthy source 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 really well. And, the report also gives hints about some unexpected trends.  

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Filed under: Bitcoin - @ March 30, 2024 9:14 am