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Stablecoins

Stablecoin Brief: November 15th, 2023

Seth BloombergNov 15, 2023 ⋅ 7 min read

Key Insights

  • The overall stablecoin market capitalization slightly increased over the past thirty days, reaching $125.7 billion.
  • The divergence between the fiat-backed giants, USDT and USDC, continues, with USDC supply falling 4.39% over the past month.
  • Liquid staking token (LST)-backed stablecoins, a relatively new form of overcollateralized stablecoin, continue to see growth, with Lybra and Prisma reaching $304 million and $358 million in TVL, respectively.
  • The incentivization methods found in LST-backed stablecoin protocols will help bootstrap the protocols, but over the longer term, these protocols will fiercely compete with others (e.g., money markets and DEXs) for LST deposits.

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Seth Bloomberg

58 Reportsbloomberg_seth

Prior to joining Messari, Seth worked in traditional finance software and services, and has a MSc in Applied Mathematics. Seth is a Senior Research Analyst on the Enterprise Research team, and focuses on infrastructure, verifiable compute, and the AI x Crypto intersection.

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Outline
  • Key Insights
  • Stablecoin Screener
  • Stablecoin Ecosystem Chartbook
Author
Seth Bloomberg
Prior to joining Messari, Seth worked in traditional finance software and services, and has a MSc in Applied Mathematics. Seth is a Senior Research Analyst on the Enterprise Research team, and focuses on infrastructure, verifiable compute, and the AI x Crypto intersection.
58 Reportsbloomberg_seth
Mentioned Assets