USD Stablecoins
Stablecoin prices, measured from the markets that set them.
Stablecoin prices are market rates, not the $1.00 design target. ML Data computes them from on-chain DEX liquidity for 195 pairs across 48 stablecoins: the majors plus the smaller DeFi-native stablecoins where a reliable market rate is hardest to find.
Why stablecoin prices need a real market behind them
A stablecoin price is a market fact, not a design goal
Every stablecoin is built to trade at one dollar. None of them always do. The real price at any moment is set in the pools where the coin trades: Curve, Uniswap, Aerodrome, the venues that hold the actual liquidity. That market rate is what ML Data measures.
The smaller stablecoins are where pricing breaks
USDC and USDT have deep markets everywhere. But collateral lists now include USDe, GHO, crvUSD, FRAX, dozens more. Their listed price often reads a flat $1.00 long after the pools have started saying otherwise. Feed-grade pricing for exactly these stablecoins is the gap this catalog covers.
Depegs show up in the pools
When a stablecoin comes under pressure, its pools record it: one side fills up while the other drains. A price computed from those pools moves with that flow, wherever the stress began. It also shows the opposite case: pools holding close to par while another venue slips.
Built for depeg monitoring
Stablecoin stress leaves the same marks in a pool each time: liquidity drains to one side as holders exit while the market rate slides. Where the move starts varies. Sometimes the pools reprice ahead of the wider market; sometimes an order book breaks while the pools hold near par. The pool-level price records both as they happen.
ML Data stablecoin feeds are computed from that pool-level reality. For a lending protocol that means collateral factors that react to the market, not to a rounded ticker. For a risk desk it means depeg alerts that fire while the move is still developing. For a settlement engine it means marks you can defend to an auditor afterwards.
Stablecoin coverage
48 base assets, quoted against USD plus the crosses that matter for routing: USDC, USDT, DAI, sUSDe, ETH. A selection of the catalog:
Missing a stablecoin you need priced? Any stablecoin with pools on-chain falls under the same methodology. Send us your list.
Stablecoin pricing FAQ
What are stablecoin prices based on?
A stablecoin price is the rate the market actually pays for the token, not its one dollar target. ML Data measures it in the pools where the coin actually trades: USDC/USD alone draws on 342 of them. When the market stops paying $1.00, the feed says so as it happens.
Why do stablecoin prices deviate from $1.00?
Redemptions, collateral stress, liquidity migration or plain market panic. Small deviations happen daily. Large ones (depegs) are exactly the moments where an accurate market rate matters most, because lending protocols, risk systems plus settlement engines act on that number.
Which stablecoins does ML Data cover?
The catalog spans 195 USD stablecoin pairs across 48 base assets: majors like USDC, USDT, DAI, plus DeFi-native stablecoins including USDe, GHO, crvUSD, FRAX, USDS, PYUSD, DOLA. If a stablecoin trades in on-chain pools, the methodology applies.
Can these feeds be used for depeg monitoring?
Yes. Because the price is computed from the pools where the stablecoin trades, deviations show up in the feed as they develop on-chain. Risk teams use market-rate stablecoin data to trigger alerts, adjust collateral factors or pause markets before a depeg becomes bad debt.