The stablecoin landscape is currently undergoing significant transformations, particularly in March 2025. Notably, Ethena’s USDtb has made a remarkable entry into the top 10 stablecoins by market capitalization, achieving newfound prominence. This surge in popularity is accompanied by Tether’s dramatic reduction in market dominance, along with the impressive performance of EURC, the euro-backed stablecoin.
According to recent reports, Ethena’s USDtb witnessed a staggering increase of 1,219% in its market cap, propelling it to an impressive $1.18 billion. This surge has positioned it as the 8th largest stablecoin in the market. The rapid ascent aligns with the launch of Converge, an EVM-compatible blockchain created in collaboration with Securitize, where USDtb is designated as the primary currency for transaction fees.
The landscape for stablecoins is undoubtedly shifting. Tether (USDT) has experienced a significant drop in market dominance, plummeting to 62.1%, marking its lowest share since March 2023. This reduction is attributed to multiple exchanges delisting USDT due to non-compliance with MiCA regulations. Such regulatory pressures have left Tether vulnerable and have contributed to its diminishing market influence.
In contrast, EURC, the stablecoin issued by Circle, has managed to shine in this tumultuous environment. Its market capitalization increased by 29.5% to $147 million, hitting a new all-time high. This growth trend is largely fueled by the migration of users and platforms seeking a more compliant alternative, following the delisting of USDT on many European exchanges. Consequently, EURC is now responsible for 45.6% of the total market cap of euro-denominated stablecoins.
The overall landscape for stablecoins appears to be expanding, with the total market capitalization dominance rising to 8.02%. This escalation signifies a dynamic and rapidly evolving market where traditional giants must adapt or risk being overshadowed by innovative newcomers.
- USDtb: Ethena’s synthetic stablecoin backed by BUIDL.
- Tether’s decline: The drop in market share due to regulatory compliance issues.
- EURC’s growth: Circle’s stablecoin benefitting from market shifts.
- Converge blockchain: Ethena’s strategic move to enhance USDtb’s utility.
