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The text below documents how we monitor daily trading volume for major stablecoins as part of the Stress Test system. Significant shifts in daily trading volume can signal changes in market activity, liquidity availability, or potential stress events affecting stablecoins. We use CoinGecko’s API to retrieve daily volume data.

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Purpose

Monitoring daily volume helps identify:
  • Increased redemption or swapping activity during early stress events
  • Abnormal trading patterns indicating panic behavior
  • Drops in trading activity that may reflect illiquidity or loss of confidence
Volume analysis serves as a complementary metric alongside price and liquidity tracking.

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API Endpoint

Endpoint: 
GET https://api.coingecko.com/api/v3/coins/markets
Query Parameters:
  • vs_currency=usd
  • ids=usd-coin,dai,tether,trueusd,frax

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Example Query (cURL)

curl -X GET "https://api.coingecko.com/api/v3/coins/markets?vs_currency=usd&ids=usd-coin,dai,tether,trueusd,frax"

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Example Response (truncated)

[
  {
    "id": "usd-coin",
    "symbol": "usdc",
    "total_volume": 350000000
  },
  {
    "id": "dai",
    "symbol": "dai",
    "total_volume": 280000000
  }
]

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Important Fields

Field Purpose total_volume 24-hour trading volume in USD

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Volume Volatility Evaluation Criteria

We track relative changes in daily trading volume:
  • Stable (Low Risk): Daily volume change between -25% and +25% compared to 7-day moving average
  • Moderate Risk: Daily volume change between -40% to -25% or +25% to +40%
  • High Risk: Daily volume change exceeding ±40%
  • Large increases or decreases in volume are flagged for further review.

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Rate Limits and Notes

  • CoinGecko’s public API supports 5–15 calls per minute.
  • No API key required.
  • Data is refreshed once daily, aligned with other Stress Test metrics.
  • Volume data reflects aggregated exchange reporting and may vary slightly between sources.

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Last Word

  • Daily trading volume is a valuable proxy for market interest, redemption flows, and emerging liquidity pressures.
  • Tracking volume alongside price and liquidity data helps create a more complete risk profile for each stablecoin.
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