Stablecoin Performance and Analysis Update: An In-depth Monthly Report

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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 provide a comprehensive examination of 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 to find the top stablecoins of the market in this month, generally we consider three parameters: market capitalisation, market dominance and trading volume.

1.1. Top Stablecoins by Market Capitalisation 

Stablecoins	Market Capitalisation
Tether	$110,258,908,025
USDC	$33,408,502,458
Dai	$5,204,347,158
First Digital USD	$4,392,001,613
Ethena USDe	$2,357,590,128
USDD	$713,262,526
Frax	$646,168,858

On the basis of market capitalisation, Tether dominates the market, with $110,258,908,025. USDC follows, with $33,408,502,458, presenting itself as a powerful competitor. Others display less strength to compete with the top two players. Dai, with $5,204,347,158, First Digital USD, with $4,392,001,613, and Ethena USDe, with $2,357,590,128, demonstrate calibre, though small.   

Compared to the previous month’s market capitalisation, this month, Tether and USDC have grown from $103,791,045,667 and $32,181,228,114 to $110,258,908,025 and $33,408,502,458, respectively.  

1.2. Top Stablecoins by Market Dominance 

Stablecoins	Market Dominance [in %]
Tether	70.24%
USDC	21.26%
Dai	3.32%
First Digital USD	2.81%
Ethena USDe	1.51%
USDD	0.45%
Frax	0.41%

In the market dominance analysis also, Tether and USDC naturally dominate, with 70.24% and 21.6% respectively. Dai marks 3.32% dominance, First Digital USD and Ethena USDe display dominance of 2.81% and 1.51% respectively. 

Compared to the previous month, this month. Tether’s dominance has fallen from 71.12% to 70.24%. Likewise, USDC’s dominance has also slipped slightly from 21.97% to 21.26%. Conversely, Dai, First Digital USD and Ethena USDe mark a slight increase in dominance.      

1.3. Top Stablecoins by Trading Volume 

Stablecoins	Trading Volume
Tether	$52,783,767,044
USDC	$6,850,180,550
Dai	$434,353,918
First Digital USD	$8,890,350,385
Ethena USDe	$81,794,380
USDD	$6,531,364
Frax	$32,657,139

In the trading volume analysis, unsurprisingly, Tether emerges first with $52,783,767,044. Meanwhile, interestingly, like in the previous month, First Digital USD is a major competitor. Notably, this time, with $8,890,350,385, it has climbed to the second position, from the third position where it was in the previous month. USDC, with $6,850,180,550, has slipped to the third position from the second where it was in the previous month. This month also, Dai is a major player with $434,353,918, which is an improvement in performance in comparison with its previous month’s volume of $336,879,569, but still it remains in the fourth position.       

2. Stablecoin Price Analysis: An In-Depth Overview 

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

Let’s do an in-depth analysis focusing on these seven stablecoins.

2.1. Stablecoin One Month Change 

Stablecoins	One Month Change (in %)
Tether	+5.94%
USDC	-2.71%
Dai	+9.64%
First Digital USD	+78.97%
Ethena USDe	+78.23%
USDD	-2.74%
Frax	-3.38%

As per the analysis made using the one month change index, among the top seven stablecoins, this month, First Digital USD demonstrates a significant positive change of +78.97%. Ethena USDe closely follows with +78.23%. Dai, with +9.64%, and Tether, with +5.94%, also showcase positive changes. Conversely, Frax, USDD, and USDC show slightly negative changes, with -3.38%, -2.74% and -2.71%, respectively. 

In the previous month, Tether, USDC, and Ethena USDe showed positive performance. Among them, the change of +210% marked by Ethena USDe was the best. Conversely, Dai, First Digital USD, USDD, and Frax exhibited negative performance. Among them, Frax’s change of -38.71% was the worst.  

2.2. Stablecoin One Month % Off Peg

Stablecoins	1M % Off Peg
Tether	+0.10%
USDC	-0.28%
Dai	-0.23%
First Digital USD	+0.70%
Ethena USDe	+0.40%
USDD	-3.01%
Frax	-0.63%

As per the analysis, First Digital USD reveals a one month off peg of +0.70%. Ethena USDe follows with +0.40%. Tether exhibits a one month off peg of +0.10%. Conversely, USDD reports a major negative one month off peg of -3.01%. Frax follows with -0.63%. USDC and Dai also show negative off peg values of -0.28% and -0.23%, respectively.

In the previous month, among the seven top stables, First Digital USD’s 1 month off peg was -0.88%, and USDC’s value was +0.60%; the rest fell between these extremes.   

3. Stablecoins in Blockchains: A Detailed Overview 

Blockchains	Stablecoins Dominance
Tether	69.97%
USDC	19.46%
Dai	3.28%
First Digital USD	2.55%
Ethena USDe	1.5%
USDD	0.45%
Frax	0.24%
Others	2.54%

The above data clearly shows that Tether dominates with 69.97%. USDC follows with 19.46%. Dai and First Digital are distant competitors in the area of dominance with 3.28% and 2.55%, respectively. Ethena USDe registers a dominance percent of 1.5%. USDD, with 0.45%, and Frax, with 0.24%, are comparatively less powerful in dominance. 

Compared to the previous month’s data, this month, all the top stablecoins have grown in terms of dominance, especially, First Digital USD and Ethena USDe.   

3.1. USDT Dominance in Blockchains 

Blockchains	USDT Dominance	1 Month Change
Tron	49.84%	+6.26%
Ethereum	40.83%	+5.43%
BSC	3.33%	+2.76%
Arbitrum	2.02%	+6.76%
Avalanche	1.1%	+41.25%
Others	2.8%

As per the data, Tether majorly relies on Tron and Ethereum. The dependance on Tron is 49.84% and Ethereum is 40.83%. It also uses BSC (3.33%), Arbitrum (2.02%), and Avalanche (1.1%). 

In the previous month also, Tron and Ethereum were the major platforms used by Tether.  

3.2. USD Coin Dominance in Blockchains 

Blockchains	USD Coin Dominance	1 Month Change
Ethereum	79.75%	-0.78%
Solana	8.01%	+24.82%
Arbitrum	3.48%	+218%
BSC	1.76%	-0.14%
Polygon	1.62%	+7.21%
Others	5.37%

USD Coin majorly uses Ethereum. The reliance on Solana and Arbitrum are as low as 8.01% and 3.48%, respectively. The reliance on BSC and Polygon is 1.76% and 1.62%, respectively. 

In the previous month also, Ethereum was the major blockchain. Notably, this month, the dominance percentage has climbed from 78.39% to 79.75%. 

3.3. Dai Dominance in Blockchains 

Blockchains	Dai Dominance	1 Month Change
Ethereum	91.27%	+7.98%
Polygon	3.56%	+18.23%
Gnosis	1.64%	+5.20%
Arbitrum	0.94%	-33.36%
Fantom	0.68%	+0%
Others	1.90%

Dai heavily depends on Ethereum, though Polygon and Gnosis do have small roles. The Dai’s dependance on Ethereum is 91.27%, while Polygon’s is 3.56% and Gnosis’ is 1.64%. Arbitrum and Fantom play minor roles. 

Compared to previous month, this month the Dai’s dominance on Ethereum and Polygon have improved slightly, but the same of certain less significant platforms like Arbitrum and Fantom have slipped down.  

3.4. First Digital USD Dominance in Blockchains 

Blockchains	First Digital USD Dominance	1 Month Change
Ethereum	95.57%	+81.45%
BSC	4.43%	+50.21%

As per the data above, First Digital USD uses Ethereum majorly. It also depends on BSC, but the reliance is minimal in nature. The Dai’s dependance on Ethereum is 95.57% and BSC is 4.43%.

Compared to the previous month, this month, its reliance on Ethereum has grown slightly, consequently pushing down its dependence on BSC. 

3.5. Ethena USDe Dominance in Blockchains 

Blockchains	Ethena USDe Dominance	1 Month Change
Ethereum	100%	+78.78%

Ethena USDe solely relies on Ethereum. This shows that there is no difference in its dependance status in comparison with its previous month’s status. 

3.6. USDD Dominance in Blockchains 

Blockchains	USDD Dominance	1 Month Change
Tron	99.23%	-0.94%
Ethereum	0.64%	-0.37%
BSC	0.1%	+0.18%
Bittorrent	0.03%	-0.14%

USDD majorly uses Tron. Its reliance on Tron is as high as 99.23%. Ethereum and BSC have very minimal roles to play. The USDD’s dependance on Ethereum is as less as 0.64% and BSC is as feeble as 0.1%. 

In comparison with the previous month data, this time, there is not much difference in the status.  

3.7. Frax Dominance in Blockchains   

Blockchains	Frax Dominance	1 Month Change
Ethereum	79.1%	-5.85%
Arbitrum	9.58%	0%
Harmony	2.11%	0%
BSC	1.7%	0%
Moonriver	1.42%	0%
Moonbeam	1.38%	0%
Near	1.38%	0%
Optimism	1.22%	0%
Others	2.11%

Frax primarily relies on Ethereum. Its dependance is 79.1%. Notably, Arbitrum plays a significant role, as the FRAX’s dependance on the blockchain is around 9.58%. Harmony, BSC, Moonriver, Moonbeam, Near and Optimism are other important blockchains on which Frax relies, though minimally. 

In comparison with the previous month data, this time, Frax’s dependance on Ethereum has come down slightly from 81.14% to 79.1%, which contributed towards strengthening the role played by the minor players like Moonriver, Moonbeam. Near and Optimism. 

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 Bybit are the top three centralised exchanges, on the basis of monthly visits, as they have attracted 101M, 65.7M, and 39.1M 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/FDUSD	27.04%
BTC/USDT	9.84%
FDUSD/USDT	6.2%

BTC/FDUSD, with 27.04% volume, is the most active trading pair in Binance. BTC/USDT and FDUSD/USDT are the other two prime pairs. The data proves the active presence of stablecoins like USDT and FDUSD.     

4.1.2. Stablecoin Active Trading Pairs in Coinbase Exchange 

Coinbase Top Trading Pairs	Volume %
BTC/USD	34.53%
ETH/USD	11.13%
USDT/USD	9.65%

BTC/USD, with 34.53% volume, is the most active trading pair in Coinbase. ETH/USD and USDT/USD are the other two prime active pairs. The data reveals the active presence of stablecoins like USDT in this exchange.    

4.1.3. Stablecoin Active Trading Pairs in Bybit

Bybit Top Trading Pairs	Volume %
BTC/USDT	22.86%
ETH/USDT	10.72%
ETH/USDC	10.21%

BTC/USDT, with 22.86% volume, is the most active trading pair in Bybit. ETH/USDT, with 10.72%, and ETH/USDC, 10.21%, are the other two prime active pairs. The data shows that stablecoins like USDT and USDC are very active in this exchange.    

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 14,000,000 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/USDC	19.53%
WETH/USDT	14.27%
EZETH/WETH	7.96%

WETH/USDC, with 19.53% volume, is the most active trading pair in Uniswap v3 (Ethereum). WETH/USDT, with 14.27%, and EZETH/WETH, 7.96%, are the other two prime active pairs in this decentralised exchange. The data exhibits the active presence of stablecoins like USDC and USDT in this exchange. 

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

Uniswap V3 (Arbitrum One) Top Trading Pairs	Volume %
USDC/WETH	35.37%
WETH/USDT	13.13%
WETH/USDC.E	12.2%

USDC/WETH, with 35.37% volume, is the most active trading pair in Uniswap V3 (Arbitrum One). WETH/USDT, with 13.13%, and WETH/USDC.E, 12.2%, are the other two prime active pairs in this decentralised exchange. The data showcases that stablecoins like USDC and USDT are very active in this exchange. 

4.2.3. Stablecoin Active Trading Pairs in Uniswap V2 (Ethereum)

Uniswap V2 (Ethereum) Top Trading Pairs	Volume %
WETH/USDT	6.76%
MKR/DAI	5.47%
PEPE/WETH	5.3%

WETH/USDT, with 6.76% volume, is the most active trading pair in Uniswap V2 (Ethereum). MKR/DAI, with 5.47%, and PEPE/WETH, 5.3%, are the other two prime active pairs in this decentralised exchange. The data proves that stablecoins like USDT and DAI are very active in this exchange. 

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.