Research analyst Tom Wan revealed that stablecoin DAI has flipped the fiat-collateralized BUSD with 4.39 billion in circulating supply, compared to BUSD’s 4.34 billion. The research revealed that while DAI’s 6-month low was $0.894, that of BUSD was $0.987.
Tom Wan took to Twitter to announce that DAI has become the third-largest stablecoin:
DAI Just Flipped BUSD and became the 3rd largest stablecoin in the crypto market
— Tom Wan (@tomwanhh) June 16, 2023
DAI: 4.39B Circulating Supply
BUSD: 4.34B Circulating Supply pic.twitter.com/135MXS47CL
In a subsequent tweet, the on-chain data analyst asserted that DAI Saving Rate increased from 1% to 3.49% on the same day. Wan shared the insights in Dune Analytics’ Stablecoin Series section published by 21Shares, the world’s first and largest crypto ETP issuer.
The research revealed that while the crypto-overcollateralized stablecoin DAI has a liquidity of $68,496,180 in 3Pool, BUSD’s liquidity in the BUSD-3CRV pool is 3,295,615. Further, where the BUSD% in BUSD-3CRV is 57.22% (above the 50% benchmark), stablecoin DAI’s % in 3 Pool is 18.28%, with a benchmark of 33%.
The research data indicated that the 6-month standard deviation (SD) of BUSD and DAI is 0.0009 and 0.0048, respectively. Both stablecoins had a peg deviation of 0.09% at the time of writing. At press time, DAI is trading at $0.9997, whereas BUSD is trading at $1, as per CoinMarketCap data.
Moreover, on the stablecoin over-collateralized by crypto circulating supply month-over-month (MoM) change parameter, the percentage change of DAI is -2.7%. As per the Dune Analytics dashboard of 21Shares, while BUSD had a user base of 32,792 as of March 1, 2023, its transaction value as of June 1, 2023, was 4,883,357,957.
As for the stablecoin transaction amount dominance, DAI claims 7.4%, whereas BUSD at 2.8%. Stablecoin user dominance for BUSD is a mere 0.7%, but the 2.7% user dominance of DAI as of June 1, 2023, is noteworthy.
