Ethena’s USDtb enters top 10 stablecoins by market cap amid March stablecoin shakeup: report

The Stablescoin market has experienced major changes in March, with USDTB D’Ethena in the 10 main stablescoins by market capitalization, losing 61% of market domination and in EURC market capitalization reaching a new summit of all time.

According to Coindesk’s Stablecoins & CBDCS ratio As of March 26, the market capitalization of the USDTB, a synthetic stablecoin supported by Buidl, jumped from 1,219% in March to 1.18 billion dollars, making it the 8th largest stablecoin by market capitalization.

This rapid increase coincided with the launch by Ethena Labs of Convergent EVM compatible blockchain In partnership with Securitize, where USDTB Stablecoin will serve as a main currency for transaction costs.

The report also highlighted several other notable trends in the Stablescoin sector. Attachment (USDT)) market domination fell to 62.1%, the lowest since March 2023, as multiple exchanges scraped Stablecoin due to the non-compliance of Mica regulations.

On the other hand, Eurc (Eurc), the stablecoin supported by the euro issued by Circle, has seen its market capitalization increase from 29.5% to 147 million dollars, fixing a new record of all time and marking the third month of consecutive growth. This increase is largely motivated by the cancellation of stablescoins non -compliant with mica as the USDT on European exchanges, which prompted users and platforms to migrate to regulated alternatives such as the EURC. Consequently, the EURC now represents 45.6% of the total market capitalization of the stablescoins denominated in euros.

The global market for the stable reserve has expanded, domination to the market capitalization of stables, going to 8.02%.