ETH: Stablecoin Prices in On-Chain Pools
Shown as its 2019–2022 sample; the latest readings and full history are included with Plus.
The price of each major dollar stablecoin in its largest on-chain pool on Ethereum, hour by hour.
Why use it. On-chain pools are where a coin can be sold for another without an exchange or an issuer: they often move first when holders lose confidence, and they show the coins whose exchange markets are too thin to read. How to read it. Lines near 1.00 are healthy; a dip below 0.99 that lasts hours is a depeg. Prices are against the coin on the other side of the pool, so if USDT and USDC themselves split the others look like they moved. Daily values are the mean of the day's hours; the latest day is a partial.
Calculation. Computed by CryptoKeyhole from its own Ethereum archive node, at the last block of each UTC hour: each coin's price in its largest on-chain pool, by the volume traded there. Curve 3pool for DAI, USDT and USDC; Curve USDe/USDT, crvUSD/USDT, RLUSD/USDC, USDG/USDC, PYUSD/USDC and USD1 against the USDC-USDT pool; Uniswap v3 GHO/USDC and FDUSD/USDT. A Curve pool's price is the geometric mean of its own quote for one token in each direction, so its fee cancels out; a Uniswap v3 pool's is the price of its last swap. Each price is against the coin on the other side of the pool, not against the dollar, so if USDC or USDT itself moves the others seem to move the other way; USDC and USDT have their own lines to tell which. USDS has no deep pool on Ethereum (its main market is the peg stability module that swaps it for USDC at one to one) and is not included. History runs from each pool's first funded hour.