The stablecoin market has seen major shifts in March, with Ethena’s USDtb breaking into the top 10 stablecoins by market cap, Tether losing 61% of market dominance, and EURC’s market cap reaching a new all-time high.
According to CoinDesk’s Stablecoins & CBDCs Report as of March 26, the market capitalization of USDtb, a synthetic stablecoin backed by BUIDL, surged 1,219% in March to $1.18 billion, making it the 8th largest stablecoin by market cap.
Source: CoinDesk’s Stablecoins & CBDCs Report
This rapid rise coincided with Ethena Labs’ launch of Converge EVM-compatible blockchain in partnership with Securitize, where USDtb stablecoin will serve as the primary currency for transaction fees.
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The report also highlighted several other noteworthy trends in the stablecoin sector. Tether (USDT) market dominance fell to 62.1%, the lowest since March 2023, as multiple exchanges delisted the stablecoin due to non-compliance with MiCA regulations.
On the flip side, EURC (EURC), the euro-backed stablecoin issued by Circle, saw its market capitalization climb 29.5% to $147 million, setting a new all-time high and marking the third consecutive month of growth. This rise is largely driven by the delisting of non-MiCA-compliant stablecoins like USDT on European exchanges, prompting users and platforms to migrate to regulated alternatives like EURC. As a result, EURC now accounts for 45.6% of the total market capitalization of euro-denominated stablecoins.
The overall stablecoin market expanded, with stablecoin market cap dominance increasing to 8.02%.
Source: CoinDesk’s Stablecoins & CBDCs Report
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