Which Stablecoins Really Move the Market? Nodiens’ Latest Research

Nodiens’ September 2025 Market Research Report examines the liquidity mechanics of the digital asset ecosystem, asking a key question: Which stablecoins actually drive trading activity across the market?

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Using a rigorous regression-based framework, the Nodiens team analysed volume spillovers, how changes in trading volume for one stablecoin predict shifts in others. Their findings reveal a clear hierarchy of influence within the stablecoin network:

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• USDC emerges as the dominant transmitter of trading activity, responsible for 32.4% of total system-wide volume spillovers.
  
  
• While USDT is still central to global trading, its spillover share of 19.7% is smaller, indicating that its influence is more distributed.
  
  
• A mid-tier of stablecoins, GUSD (12.1%), USDJ (11.3%), and DAI (11.1%), play a moderate but meaningful role.
  
  
• Peripheral assets like FRAX, USDD, and TUSD have limited systemic impact.

The report concludes that stablecoin markets exhibit a core–periphery structure: a concentrated center (USDC and USDT), a middle layer of moderate influencers, and an outer edge of smaller participants. For investors, traders, and regulators alike, these insights highlight where systemic liquidity risks and information transmission are most likely to originate.

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📘 Read the full report

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