Stablecoin Price Data

Written by Brett Hemenway Falk

As of February 2025, the top three stablecoins by market cap are USDT, USDC, and USDe.

This repository contains scripts for scraping stablecoin price data from Alchemy, and plotting the data.

The plot below shows big dips in the USDC price at the Voyager collapse and the FTX collapse. Somewhat surprisingly the collapse of 3AC (immediately before Voyager) and Celsius (immediately after Voyager) did not lead to a big dips in the USDC price. The Chicago Fed has a nice timeline of these events.

USDC and USDT Price Data

Note that USDe was not launched until November 14 2023, and Alchemy does not have data for USDe before 12-14-2023. The plot below shows the price data for USDe, USDC, and USDT, during the period when all three were available.

USDe, USDC, and USDT Price Data

From this plot, it is clear that USDe is significantly more volatile than USDC and USDT.

Data

scrape_prices.py scrapes historical price data from Alchemy. Data is stored in data/. For example

data/USDC.csv contains USDC prices
data/USDT.csv contains USDT prices
data/USDe.csv contains USDe prices
data/USDS.csv contains USDS prices
data/DAI.csv contains DAI prices

The columns are timestamp and price (in USD).

Note that this pricing data is not directly available on the blockchain, instead, Alchemy aggregates both on-chain and off-chain prices to produce these data sets. As far as I know, Alchemy does not provide the methodology by which they produce these prices, i.e., if the prices vary during the course of a day, or if there is price discrepancy between different sources (e.g., a difference in price between Binance and Uniswap).