Stablecoins & CBDCs Report - March 2025 - TEST

Bitcoin showed that money doesn’t have to be issued by governments. It proved that a group of individuals could act together without knowing each other. It demonstrated that the internet can be both transparent and private.

• The emergence of cryptocurrency and blockchains 12 years ago changed everything.
• The emergence of cryptocurrency and blockchains 12 years ago changed everything.

1. The emergence of cryptocurrency and blockchains 12 years ago changed everything.The emergence of cryptocurrency and blockchains 12 years ago changed everything.
2. The emergence of cryptocurrency and blockchains 12 years ago changed everything.

The emergence of cryptocurrency and blockchains 12 years ago changed everything.

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.