Well, I’ll be a monkey’s uncle! The stablecoin market has gone and done a flip-flop in March, with Ethena’s USDtb moseying on into the top 10 stablecoins by market cap. Tether, on the other hand, took a nose-dive, losing a whopping 61% of its market dominance. And EURC? Why, it’s shooting for the stars, reaching an all-time high market cap!
According to CoinDesk’s Stablecoins & CBDCs Report, as of March 26, USDtb, a synthetic stablecoin backed by BUIDL, shot up like a rocket, increasing its market cap by a staggering 1,219% to $1.18 billion. Now, it’s the 8th largest stablecoin by market cap. Who’d have thunk it?
This here rise coincided with Ethena Labs’ launch of the Converge EVM-compatible blockchain, in cahoots with Securitize. USDtb stablecoin will be the primary currency for transaction fees, which is about as handy as a pocket on a shirt.
The report also shed light on some other curious trends in the stablecoin sector. Tether (USDT) got itself into a pickle, with its market dominance falling to 62.1%, the lowest since March 2023. Several exchanges gave it the boot due to non-compliance with MiCA regulations. Ouch!
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2025-04-01 16:05