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Stablecoins & CBDCs Report - March 2025
CoinDesk Data's Stablecoins & CBDCs Report explores the latest stablecoin developments, regulatory shifts, and market dynamics through a data-driven analysis.

What to know:
We are delighted to share the latest edition of our monthly Stablecoins & CBDCs report. This report provides readers with a comprehensive analysis of the latest development and regulatory changes surrounding stablecoins and CBDCs, as well as data-driven analysis into stablecoin market capitalisations, trading volumes, peg deviations, and more.
- Stablecoins Market Cap Rises For Eighteenth Consecutive Month: The total market capitalisation of stablecoins rose 3.62% to $231bn, recording the eighteenth consecutive increase in end-of-month market capitalisation. Stablecoins market cap dominance rose to 8.02% as digital assets continue to show volatile price action in the midst of macroeconomic uncertainty.
- USDtb Enters Top 10 Stablecoins by Market Cap: In March, the market capitalization of USDtb, the synthetic stablecoin backed by BUIDL surged by 1,219% to $1.18bn, making it the 8th largest stablecoin by market capitalization. The increase in market capitalization coincides with Ethena Labs’ announcement of Converge – an EVM compatible blockchain focusing on tokenized assets.
- Gold Stablecoins Reach New All-time Highs: With the price of gold surpassing $3,000, gold pegged stablecoins saw their market capitalization increase by 7.53% to $1.40bn – recording a new all-time high for the category. Tether Gold and Pax Gold continues to dominate the asset class with market capitalizations totaling $749bn and $653bn respectively.
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CoinDesk Data
Market-leading digital asset data, providing an unrivaled level of insight and analysis to meet the demands of institutional-grade users.

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