Token gold market capitalization increased to a record of $ 1.4 billion in March with commercial volumes that rise to the annual maximums, according to the monthly Stablecoin report of Coindesk Data.
The growth in the value and market activity occurred together with the physical rally of the yellow metal to the new maximums of all time above $ 3,000 per ounce. The Token backed by gold from Tether (Xaut) and Paxg ‘Paxg dominate between offers, with market capitalization of $ 749 million and $ 653 million, respectively.
The negotiation volume with gold tokens exceeded $ 1.6 billion during the month, the highest level in more than a year, according to the report.
The Stablecoin general market, which includes tokens with prices related to coins and fiduciary products, rose above $ 231 billion market capitalization this month, growing during the 18th consecutive month, according to the report.
The USDT of Tether, the largest stable on the market, also increased to a record offer of $ 144 billion. However, its market share fell to the lowest level (62.1%) since March 2023, since the stablecoin panorama is becoming increasingly competitive. The USDC of Circle, the second largest Stablecoin, grew 7% in a month to almost $ 60 billion.
Protocol of decentralized finance The recently launched Dollar Stablcoin UsdTB, which uses the Blackrock token monetary market fund as a reserve asset, quickly swallowed more than $ 1 billion of assets to become the largest eighth May for market capitalization.
In terms of exchange of volumes in centralized exchanges, the USDT domain decreased slightly, but still remained above the competition by 75.7% during the month among the top ten stable. Meanwhile, the FDUSD of First Digital based in USDC and Hong Kong saw the domain of its commercial market capitalization to 13.6% and 10%, respectively.
Regulatory changes have been restructuring the stable market called in euro, as exchanges moved to meet the markets in the crypto-active framework (Mica). Kraken eliminated the USDT and other non -compliant stablcoins for European users, following the steps of other exchanges such as Coinbase and Crypto.com.
ERC Stablecoin de Circle was a notable beneficiary of developments, growing almost 30% to $ 157 million in market capitalization and demanding a market share of 45% of all euros stable.
