An analysis by crypto market data provider Kaiko revealed that USD Coin (USDC) is currently the most liquid stablecoin on centralized exchanges (CEXs), with approximately $38 million bids preventing a .1% price deviation of the asset.
USDC’s liquidity is followed by that of Tether (USDT), Binance USD (BUSD), True USD (TUSD), and Dai (DAI). The data compiled by Kaiko includes the .1% bid-side depth across all markets that use USDC as a base asset.
USDC – the Most Liquid on CEXs
Kaiko noted that while stablecoin issuers like Circle and Tether ensure their tokens maintain their parity, de-pegging could still occur on spot markets. This has made stablecoin spot markets essential for price discovery.
“Theoretically, stablecoin issuers maintain their peg. However, de-pegging can still happen on spot markets, especially considering #USDT redemptions start at $100k. Stablecoin spot markets are thus extremely important for price discovery. This data aggregates .1% bid-side market depth ac
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