Research Summary

The article discusses the current state of the stablecoin market, which has seen significant changes in 2023 due to regulatory challenges and issues in the US banking sector. The article highlights the rise in Tether’s (USDT) market cap, the decrease in USDC and BUSD supply, and the launch of crvUSD by Curve Finance. It also covers the decrease in Dai supply and the increase in fees for onchain collateral-backed vaults. Furthermore, the article introduces Overnight, the protocol behind the yield-bearing stablecoin USD+, which has exceeded 50M TVL organically.

Actionable Insights

  • Monitor Stablecoin Market: The stablecoin market has undergone significant changes in 2023. Monitor the changes in the market cap of major stablecoins like USDT, USDC, and BUSD to understand the market dynamics.
  • Understand New Stablecoin Developments: Curve Finance’s crvUSD and Overnight’s USD+ are new developments in the stablecoin market. Understanding these new stablecoins and their mechanisms can provide insights into the future of the stablecoin market.
  • Assess Regulatory Impact: Regulatory challenges have had a significant impact on the stablecoin market. Understanding these challenges and their impact can help anticipate potential changes in the market.
  • Stay Informed on Dai Developments: Changes in Dai supply and fees for onchain collateral-backed vaults can have significant implications for the MakerDAO ecosystem. Stay updated on these developments to understand their potential impact.

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