CCData has released its March 2024 edition of the "Stablecoins & CBDCs Report," providing a comprehensive analysis of the stablecoin and Central Bank Digital Currency (CBDC) sectors. The report offers valuable insights into market trends and performance metrics, aiding investors and policymakers in making informed decisions.
In February 2024, the stablecoin sector reached a significant milestone, with total market capitalization increasing by 4.24% to $147 billion. This marks the sixth consecutive month of growth, reaching the highest level since September 2022. However, despite this growth, the stablecoin market cap dominance dipped to 5.83% in March, the lowest since November 2021.
Source:CCData
Ethena's USDe experienced a remarkable 105% surge in market capitalization to $1.07 billion in March, making it the sixth-largest stablecoin by market cap. This growth followed the launch of its public mainnet and the initiation of its 'Shards' campaign, highlighting the dynamic nature of the stablecoin market.
USDT, a leading stablecoin, surpassed a significant milestone in March, with its market capitalization rising by 4.71% to $103 billion. This marks the first time a stablecoin has exceeded the $100 billion mark. The increase in USDT's market capitalization was attributed to increased demand from trading activities on centralized exchanges and decentralized applications, coinciding with Bitcoin reaching new all-time highs for the first time since May 2021.
Additionally, CCData highlighted a strategic shift within the stablecoin ecosystem. On February 21, Circle announced the discontinuation of USDC support on the Tron blockchain, with an immediate halt on token minting and a phased discontinuation of transfers to other blockchains scheduled through February 2025. At the time of the announcement, the supply of USDC on Tron was $190 million, representing 0.64% of the total market capitalization of USDC, which saw a 6.14% increase to $29.0 billion in March.
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