Stablecoin Performance and Analysis May 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
Market capitalisation in stablecoins reflects their total value in circulation. A stablecoin with a high market cap indicates wide adoption, trust and significant usage in transactions and investments.
Tether, USDC, Dai, Ethena USDe, First Digital USD, USDD and Frax are the top seven Stablecoins by Market Capitalisation.
| Stablecoins | Market Capitalisation |
| Tether | $111,715,427,768 |
| USDC | $32,157,629,415 |
| Dai | $5,311,637,590 |
| Ethena USDe | $2,951,205,660 |
| First Digital USD | $2,908,728,703 |
| USDD | $730,640,246 |
| Frax | $647,306,953 |
Among the top seven stablecoins, Tether has the highest market capitalisation of $111,715,427,768. USDC follows with $32,157,629,415 market capitalisation. Dai and Ethena USDe record $5,311,637,590 and $2,951,205,660, respectively. Frax registers the lowest market capitalisation of $647,306,953. USDD is the second lowest and First Digital USD is the third lowest.
1.2. Top Stablecoins by Market Dominance
Market dominance in Stablecoins indicates the share of a stablecoin’s market cap relative to the total market. High dominance means it is the leading stablecoin, widely trusted and extensively used.
Tether, USDC, Dai, Ethena USDe, First Digital USD, USDD and Frax are the top seven Stablecoins by Market Dominance.
| Stablecoins | Market Dominance [in %] |
| Tether | 71.45% |
| USDC | 20.53% |
| Dai | 3.40% |
| Ethena USDe | 1.88% |
| First Digital USD | 1.86% |
| USDD | 0.47% |
| Frax | 0.41% |
Among the seven top stablecoins, Tether registers a massive dominance of 71.45%. USDC follows with 20.53%. Dai is the third largest in terms of dominance, with 3.40% market dominance. Others enjoy less than 5% share in the market.
1.3. Top Stablecoins by Trading Volume
Trading volume in Stablecoins indicates the total value of transactions over a period. High trading volume means the stablecoin is actively traded, suggesting high liquidity and demand.
The top three Stablecoins by Trading Volume are Tether, USDC and First Digital USD. Interestingly, though First Digital USD is the first largest in terms of market capitalisation and market dominance, it is the third largest in terms of Trading Volume.
| Stablecoins | Trading Volume |
| Tether | $40,940,344,137 |
| USDC | $6,495,631,952 |
| Dai | $306,357,786 |
| Ethena USDe | $107,556,064 |
| First Digital USD | $6,068,644,021 |
| USDD | $3,928,522 |
| Frax | $31,830,113 |
Tether has a trading volume of $40,940,344,137, and USDC has a trading volume of $6,495,631,952. First Digital USD records $6,068,644,021 trading volume. Among the top seven stablecoins by dominance and market cap, USDD has the lowest trading volume of $3,928,522.
2. Stablecoin Price Analysis: An In-Depth Overview
Let’s do an in-depth analysis focusing on the seven stablecoins by dominance and market cap.
2.1. Stablecoin One Month Change
| Stablecoins | One Month Change (in %) |
| Tether | +1.09% |
| USDC | -2.33% |
| Dai | +0.68% |
| Ethena USDe | +26.36% |
| First Digital USD | -35.22% |
| USDD | +3.52% |
| Frax | +0.47% |
Among the top seven stablecoins, Ethena USDe has the highest one month positive change of +26.36%. USDD follows with +3.52%. Conversely, First Digital USD marks the highest one month negative change of -35.22%. USDC follows with a -2.33% one-month change. Others show moderate changes.
2.2. Stablecoin One Month % Off Peg
The One Month % Off Peg indicator indicates the percentage deviation from their target value (usually $1) over the past month, reflecting stability or instability in maintaining their intended value. Negative off peg value means the stablecoin is below its target value, and positive off peg value means it is above; negative off peg implies undervaluation, which is generally more manageable than overvaluation.
| Stablecoins | 1M % Off Peg |
| Tether | -0.15% |
| USDC | -0.15% |
| Dai | -0.54% |
| Ethena USDe | -0.59% |
| First Digital USD | -0.56% |
| USDD | -2.88% |
| Frax | -1.42% |
A smaller off peg value is better as it indicates the stablecoin is maintaining its target value more accurately and consistently.
Among the top stablecoins, Tether and USDC record a very small off peg value of -0.15%. Ethena USDe, First Digital USD and Dai register -0.59%, -0.56%, and -0.54%, respectively. USDD has the worst off peg value of -2.88%, and Frax the second worst value of -1.42%. Notably, none of them have a positive off peg value.
3. Stablecoin Transaction Share by Blockchain: A Detailed Overview
Stablecoin Transaction Share by Blockchains explains the proportion of stablecoin transactions conducted through a specific blockchain out of the total stablecoin transactions across all blockchains.
| Blockchains | Stablecoins Transaction Share | Dominant Stablecoin in Chain |
| Ethereum | 49.89% | Tether (55.74%) |
| Tron | 35.52% | Tether (98.35%) |
| BSC | 3.21% | Tether (77.40% |
| Arbitrum | 2.45% | Tether (60.76%) |
| Base | 1.97% | USDC (95.43%) |
| Solana | 1.9% | USDC (72.02%) |
| Avalanche | 1.19% | Tether (55.57%) |
| Others | 3.87% |
Ethereum has the highest stablecoins transaction share of 49.89%. Tron closely follows with 35.52% stablecoins transaction share. BSC and Arbitrum mark 3.21% and 2.45%, respectively. Base and Solana record 1.97% and 1.9%, respectively, and Avalanche registers 3.87%.
3.1. USDT Transaction Share Across Blockchains
This represents the percentage of USDT transactions happening on a particular blockchain compared to all USDT transactions across different blockchains.
| Blockchains | USDT Transaction Share (%) | 1 Month Change |
| Tron | 50.2% | +1.75% |
| Ethereum | 39.96% | -0.25% |
| BSC | 3.57% | 0% |
| Arbitrum | 2.14% | +5.80% |
| Avalanche | 0.95% | -14.12% |
| Others | 3.18% |
Tron has the highest USDT translation share of 50.2%. Ethereum closely follows with 39.96%. BSC, Arbitrum and Avalanche show 3.57%, 2.14% and 0.95% USD Transaction Share, respectively.
Among these chains, Arbitrum shows the highest positive change of +5.80%, and Avalanche displays the highest negative change of -14.12%.
3.2. USD Coin Transaction Share across Blockchains
This represents the percentage of USD Coin transactions happening on a particular blockchain compared to all USD Coin transactions across different blockchains.
| Blockchains | USD Coin Transaction Share (%) | 1 Month Change |
| Ethereum | 68.53% | -7.38% |
| Base | 9.47% | +23.42% |
| Solana | 6.92% | -9.15% |
| Arbitrum | 4.44% | +33.40% |
| Avalanche | 2.28% | +38.81% |
| Others | 8.36% |
Ethereum has the highest USD Coin Transaction Share of 68.53%. Base and Solana follow with 9.47% and 6.92%. Arbitrum shows 4.44% USD Coin Transaction Share and Avalanche 2.28%.
Among these chains, with +38.81, Avalanche records the highest one-month change. Arbitrum and Base follow with +33.40% and +23.42%, respectively. Conversely, Solana registers the highest negative change of -9.15%. Ethereum follows with -7.38% change.
3.3. Dai Transaction Share Across Blockchains
This represents the percentage of Dai transactions happening on a particular blockchain compared to all Dai transactions across different blockchains.
| Blockchains | Dai Transaction Share | 1 Month Change |
| Ethereum | 90.78% | +1.00% |
| Polygon | 3.47% | -1.73% |
| Gnosis | 1.7% | +2.69% |
| Arbitrum | 0.89% | -7.87% |
| Fantom | 0.67% | 0% |
| Others | 2.49% |
Ethereum has the highest Dai Transaction Share of 90.78%. Polygon follows with 3.47%. Gnosis, Arbitrum and Fantom mark 1.7%, 0.89% and 0.67%, respectively.
Among the chains, Gnosis records the highest one month change of +2.69%. Ethereum follows with +1% change. Conversely, Arbitrum registers the highest negative change of -7.87%. Polygon follows with -1.73% change.
3.4. First Digital USD Transaction Share Across Blockchains
This represents the percentage of First Digital USD transactions happening on a particular blockchain compared to all First Digital USD transactions across different blockchains.
| Blockchains | First Digital USD Transaction Share | 1 Month Change |
| Ethereum | 94.57% | -36.16% |
| BSC | 5.73% | -22.93% |
Ethereum displays the highest First Digital USD Transaction Share of 94.57%, which is massive in nature. BSC follows with a small share of 5.73%.
Among the chains, Ethereum marks the highest one-month negative change of -36.16%. BSC follows with -22.93%.
3.5. Ethena USDe Transaction Share Across Blockchains
This represents the percentage of Ethena USDe transactions happening on a particular blockchain compared to all Ethena USDe transactions across different blockchains.
| Blockchains | Ethena USDe Transaction Share | 1 Month Change |
| Ethereum | 100% | +25.91% |
Ethereum displays a fascinating Ethena USDe Transaction Share of 100%, and it records an impressive one month change of +25.91%.
3.6. USDD Transaction Share Across Blockchains
This represents the percentage of USDD transactions happening on a particular blockchain compared to all USDD transactions across different blockchains.
| Blockchains | USDD Transaction Share | 1 Month Change |
| Tron | 99.22% | +0.87% |
| Ethereum | 0.66% | +3.94% |
| BSC | 0.09% | +0.21% |
| Bittorrent | 0.03% | -0.01% |
Tron registers a massive USDD Transaction Share of 99.22%. Ethereum reports just 0.66% USDD Transaction Share. BSC and BitTorrent register as low as 0.09% and 0.03%, respectively.
Among the chains, Ethereum displays the highest one-month change of +3.94%. Tron and BSC follow with +0.87% and +0.21%, respectively. Conversely, BitTorrent records a negative one-month change of -0.01%.
3.7. Frax Transaction Share Across Blockchains
This represents the percentage of FRAX transactions happening on a particular blockchain compared to all FRAX transactions across different blockchains.
| Blockchains | Frax Transaction Share | 1 Month Change |
| Ethereum | 73.65% | -6.67% |
| Arbitrum | 9.66% | 0% |
| Fraxtal | 5.45% | 0% |
| Harmony | 2.13% | 0% |
| BSC | 1.71% | 0% |
| Moonriver | 1.43% | 0% |
| Moonbeam | 1.39% | 0% |
| Optimism | 1.23% | 0% |
| Others | 3.35% |
Ethereum has the highest Frax Transaction Share of 73.65%. Arbitrum and Fraxtal follow with 9.66% and 5.45%, respectively. Harmony and BSC register 2.13% and 1.71%, and Moonriver and Moonbeam record 1.43% and 1.39%, respectively. Optimism displays a low share of 1.23%.
Among the chains, Ethereum exhibits a negative one-month change of -6.67%. Others report no change.
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 75.3M, 46.3M, and 31M 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 | 19.98% |
| BTC/USDT | 9.17% |
| ETH/FDUSD | 7.87% |
BTC/FDUD is the most active trading pair in the Binance crypto exchange, with 19.98 volume per cent. BTC/USDT and ETH/FDUSD follow with 9.17% and 7.87%, respectively.
4.1.2. Stablecoin Active Trading Pairs in Coinbase Exchange
| Coinbase Top Trading Pairs | Volume % |
| BTC/USD | 28.59% |
| ETH/USD | 17.61% |
| USDT/USD | 7.23% |
Though in the Coinbase crypto exchange the first two pairs are non-stablecoin pairs, its third most active pair is USDT/USD, which marks 7.23 volume per cent.
4.1.3. Stablecoin Active Trading Pairs in Bybit
| Bybit Top Trading Pairs | Volume % |
| BTC/USDT | 26.74% |
| ETH/USDT | 11.08% |
| BTC/USDC | 7.92% |
In the Bybit cryptocurrency exchange, BTC/USDT is the most active trading pair, with 26.74 volume per cent. ETH/USDT and BTC/USDC follow with 11.08% and 7.92%, respectively.
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 13,131,375 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 | 60.0% |
| WETH/USDT | 7.74% |
| USDC/USDT | 3.43% |
In the Uniswap V3 (Ethereum) decentralised crypto exchange, WETH/USDC is the most active trading pair, with 60.0 volume per cent. WETH/USDT and USDC/USDT follow with 7.74% and 3.43%, respectively.
4.2.2. Stablecoin Active Trading Pairs in Uniswap V3 (Arbitrum One)
| Uniswap V3 (Arbitrum One) Top Trading Pairs | Volume % |
| USDC/WETH | 39.27% |
| WETH/USDT | 15.24% |
| WBTC/WETH | 10.22% |
In the Uniswap V3 (Arbitrum One) decentralised crypto exchange, USDC/WETH is the most active trading pair, with 39.27 volume per cent. WETH/USDT and WBTC/WETH follow with 15.54% and 10.22%, respectively.
4.2.3. Stablecoin Active Trading Pairs in Uniswap V2 (Ethereum)
| Uniswap V2 (Ethereum) Top Trading Pairs | Volume % |
| PEPE/WETH | 6.25% |
| MAGA/WETH | 5.76% |
| JENNER/WETH | 5.58% |
In the Uniswap V2 (Ethereum) decentralised crypto exchange, PEPE/WETH is the most active trading pair, with 6.25 volume per cent. MAGA/WETH, with 5.76 volume per cent, is the second most active, and JENNER/WETH, with 5.58 volume per cent, is the third most active trading pair in the 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.
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