What to know:
- Ah, the market capitalization of our beloved gold-backed tokens has reached a staggering $1.4 billion in March! Tether’s XAUT and Paxos’ PAXG are the darlings of this glittering ball, as revealed by the ever-so-reliable CoinDesk Data’s stablecoin report.
- Tether’s USDT has ascended to a lofty $144 billion market cap, though its market share and trading volume seem to be playing a game of hide and seek.
- Regulatory changes are shaking the euro-denominated stablecoin market like a cocktail at a soirée, with Circle’s EURC stablecoin growing nearly 30% to a charming $157 million market cap.
In a most delightful twist of fate, the market capitalization of tokenized gold has soared to a record $1.4 billion in March, with trading volumes reaching heights that would make even Icarus blush, according to CoinDesk Data’s monthly stablecoin report.
This meteoric rise in market value coincided with the physical yellow metal’s own rally, reaching fresh all-time highs above $3,000 per ounce. Tether’s gold-backed token (XAUT) and Paxos’ PAXG are the reigning monarchs of this realm, boasting market capitalizations of $749 million and $653 million, respectively. Quite the royal affair, wouldn’t you say?
Trading volumes with gold tokens have surpassed a staggering $1.6 billion this month, the highest level in over a year! A veritable feast for the senses, if one could only partake in such delights.
The overall stablecoin market, a veritable cornucopia of tokens tethered to fiat currencies and commodities, has climbed above a magnificent $231 billion market cap this month, marking the 18th consecutive month of growth. Truly, a spectacle to behold!
Tether’s USDT, the grandest stablecoin of them all, has also increased to a record supply of $144 billion. However, its market share has taken a tumble to the lowest level (62.1%) since March 2023, as the stablecoin landscape becomes a veritable gladiatorial arena. Circle’s USDC, the second-largest stablecoin, has grown a modest 7% in a month, inching closer to the $60 billion mark.
Decentralized finance protocol Ethena has recently launched its dollar stablecoin USDtb, which, like a hungry beast, has devoured over $1 billion of assets to become the 8th largest by market cap. One must admire its appetite!
In the realm of centralized exchanges, USDT’s dominance has slightly waned, yet it still reigns supreme at 75.7% among the top ten stablecoins. Meanwhile, USDC and Hong Kong-based First Digital’s FDUSD have seen their trading market cap dominance rise to 13.6% and 10%, respectively. A most intriguing turn of events!
Regulatory shifts have been reshaping the market of euro-denominated stablecoins, as exchanges scramble to comply with the Markets in Crypto-Assets (MiCA) framework. Kraken has taken the bold step of delisting USDT and other non-compliant stablecoins for European users, following the lead of other exchanges such as Coinbase and Crypto.com. A most dramatic exit!
Circle’s EURC stablecoin has emerged as a notable beneficiary of these developments, growing nearly 30% to a charming $157 million market cap and claiming a dazzling 45% market share of all euro stablecoins. Bravo!
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2025-03-27 23:30