Report: Ethena’s USDtb Enters Top 10 Stablecoins by Market Cap After March Changes

March has brought significant changes to the stablecoin landscape, with Ethena’s USDtb entering the ranks of the top 10 stablecoins by market capitalization, Tether experiencing a 61% drop in market dominance, and EURC achieving a new record in its market cap.

As per CoinDesk’s Stablecoins & CBDCs Report dated March 26, the market capitalization of USDtb, a synthetic stablecoin supported by BUIDL, skyrocketed by 1,219% in March, reaching $1.18 billion, thus positioning it as the 8th largest stablecoin by market cap.

This remarkable surge aligns with the launch of Ethena Labs’ Converge EVM-compatible blockchain in collaboration with Securitize, where USDtb will act as the main currency for transaction fees.

The report also pointed out several other significant trends within the stablecoin market. Tether (USDT) has seen its market dominance decrease to 62.1%, the lowest level since March 2023, attributed to several exchanges removing the stablecoin from their listings due to non-compliance with MiCA regulations.

Conversely, the euro-pegged stablecoin EURC, issued by Circle, has witnessed a 29.5% increase in market capitalization, reaching $147 million, thereby setting a new all-time high and marking the third consecutive month of growth. This uptick can largely be attributed to the removal of non-MiCA-compliant stablecoins such as USDT from European exchanges, leading users and platforms to transition to compliant alternatives like EURC. This shift has resulted in EURC representing 45.6% of the total market cap for euro-denominated stablecoins.

The overall stablecoin market has expanded, with the dominance of stablecoin market capitalization rising to 8.02%.