USDtb Breaks into the Top 10 Stablecoins by Market Cap, Tether Loses 60% of Market Dominance

The stablecoin market has seen major shifts in March, with Ethena's USDtb breaking into the top 10 stablecoins by market cap, Tether losing 61% of market dominance

The stablecoin market saw major shifts in March, with Ethena’s USDtb surging into the top 10 stablecoins by market cap, Tether (USDT) losing 61% of its market dominance, and EURC’s market cap reaching a new all-time high.

According to CoinDesk’s Stablecoins & CBDCs Report as of March 26, the market capitalization of USDtb, a synthetic stablecoin backed by BUIDL, soared 1,219% in March to $1.18 billion.

This rapid rise made it the 8th largest stablecoin by market cap.

The report adds that the synthetic stablecoin’s surge follows Ethena Labs’ launch of Converge EVM-compatible blockchain in partnership with Securitize, where USDtb stablecoin will be the primary currency for transaction fees.

Moreover, the report noted that Tether (USDT) stablecoin saw its market dominance slip to 62.1%. This is the lowest level since March 2023 and follows several exchanges deciding to delist the stablecoin for non-compliance with MiCA regulations.

On the flip side, we saw the market capitalization of EURC (EURC), the euro-backed stablecoin issued by Circle, rise 29.5% to $147 million. This sets a new all-time high and marks the third consecutive month of growth.

The report noted that this rise is largely driven by the delisting of non-MiCA-compliant stablecoins like USDT on European exchanges, pushing users and platforms to migrate to regulated alternatives like EURC.

As a result, EURC now holds 45.6% of the total market capitalization of euro-denominated stablecoins.

Overall, we saw the stablecoin market expand, with stablecoin market cap dominance rising to 8.02%.