CryptoQuant – a blockchain analytics firm – has published a report that assesses data on stablecoin and its strength. It found that holding almost all of the leading stablecoins throughout 2022 is slightly more profitable than holding a dollar.
followreportThe average daily closing price of almost all leading stablecoins is slightly above $1.00 based on the data. volume-weighted price closing data dating back to 2017
DAI – Stablecoin has a daily average closing price of 40 pips above $1.00, the highest premium among all stablecoins. “For traders, $BUSD seems best to hold for a long time. due to the high closing price and less loss.” TweetFrom CryptoQuant CEO Ki Young Ju about the data.
However, stablecoins such as Tether (USDT), the largest stablecoins by market cap, traded at a maximum discount of up to 4%. “Most Tether prices below $1.00 occurred in 2017-2019,” the report clarified, “and closing prices. Tether’s daily is almost flat at $1.00 since 2020.”
The most stablecoin?
The report also analyzed the deflecting patterns of stablecoins pegged to the US dollar over different time periods to measure the “fixing strength” of each coin, finding that GUSD was the strongest among all stablecoins. that prices face minor negative volatility even in high redemption environments.
Meanwhile, USDT has the lowest strength of all stablecoins, meaning that the price deviation from $1.00 is high compared to the low redemption flow.
Currently, the most popular stablecoins are USDT, USDC and Binance USD (BUSD), which are pegged 1:1 to the US dollar. Usually these coins maintain their price fixing by using highly liquid reserves. which stablecoin holders can exchange tokens at any time
Of the current top three, Circle and Paxos clarified in their latest certifying that their USDC and BUSD reserves are fully funded by cash and US treasuries.
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