Ethena’s USDtb Emerges as a Top 10 Stablecoin Amid Market Shifts
The stablecoin market has experienced significant changes in March, with Ethena’s USDtb making its way into the top 10 stablecoins by market capitalization. This shift comes as Tether loses a significant portion of its market dominance, and EURC reaches a new all-time high in market cap.
USDtb Makes Waves
According to CoinDesk’s Stablecoins & CBDCs Report released on March 26, USDtb, a synthetic stablecoin backed by BUIDL, has seen a remarkable 1,219% surge in market capitalization in March, reaching $1.18 billion and securing the 8th position among stablecoins by market cap.
This rapid growth aligns with the launch of Converge EVM-compatible blockchain by Ethena Labs in collaboration with Securitize, where USDtb serves as the primary currency for transaction fees.
Market Dynamics
Meanwhile, Tether (USDT) has experienced a decline in market dominance to 62.1%, its lowest point since March 2023. This drop is attributed to the delisting of USDT by several exchanges due to non-compliance with MiCA regulations.
On a positive note, EURC (EURC), the euro-backed stablecoin issued by Circle, has seen a significant increase in market capitalization, climbing by 29.5% to $147 million. This surge marks a new all-time high for EURC and reflects three consecutive months of growth. The delisting of non-MiCA-compliant stablecoins like USDT on European exchanges has driven users and platforms towards regulated alternatives like EURC, accounting for 45.6% of the total market capitalization of euro-denominated stablecoins.
The stablecoin market as a whole has expanded, with stablecoin market cap dominance reaching 8.02%.
