CCData has released the March 2024 edition of its “Stablecoins & CBDCs Report.”
CCData is a leading company specializing in digital asset data and index solutions. They collect and aggregate vast amounts of pricing data on cryptocurrencies from various exchanges and sources, meticulously cleaning and standardizing it for use by institutions and retail investors. CCData also develops and calculates cryptocurrency indices that track the performance of specific segments of the digital asset market, often used as benchmarks for financial products like ETFs.
They provide an API that allows developers and institutions to access accurate, real-time cryptocurrency market data, enabling the creation of applications, research, and investment strategies. CCData plays a vital role in bringing transparency, reliability, and institutional-grade tools to the cryptocurrency market, fostering its growth and wider adoption.
CCData’s Stablecoins & CBDCs Report provides an in-depth analysis of the evolving stablecoin and Central Bank Digital Currency (CBDC) sectors, making it a valuable resource for anyone interested in these areas of the cryptocurrency market.
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The report focuses on key metrics like market capitalization, trading volumes, and peg deviations, offering insights into how these assets are performing. CCData analyzes the data to identify broader trends, developments, and potential challenges within the stablecoin and CBDC markets, aiding investors and policymakers in making informed decisions.
Per CCData’s latest Stablecoins & CBDCs Report, the stablecoin sector achieved a significant milestone in February 2024. The total market capitalization of stablecoins escalated by 4.24% to $147 billion, marking the sixth consecutive month of increase and reaching the highest level noted since September 2022. Despite this upward trajectory, CCData noted a dip in the stablecoin market cap dominance to 5.83% in March, indicating the lowest market share since November 2021.
Ethena’s USDe experienced a dramatic 105% surge in market capitalization to $1.07 billion in March, positioning it as the sixth-largest stablecoin by market cap. This significant growth followed the launch of its public mainnet and the initiation of its ‘Shards’ campaign, underscoring the dynamic nature of the stablecoin market.
USDT, a leading stablecoin, crossed a monumental threshold, as reported by CCData. In March, USDT’s market capitalization rose by 4.71% to $103 billion, marking the first time a stablecoin has surpassed the $100 billion landmark. The report suggests that this increase was likely driven by a boost in demand from trading activities on both centralized exchanges and decentralized applications, coinciding with Bitcoin reaching new all-time highs for the first time since May 2021.
Furthermore, CCData highlighted a strategic shift within the stablecoin ecosystem. On February 21, Circle announced its decision to discontinue support for USDC on the Tron blockchain, with an immediate halt on token minting and a phased discontinuation of transfers to other blockchains set through February 2025. At the time of the announcement, the supply of USDC on Tron was reported at $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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- Source: https://www.cryptoglobe.com/latest/2024/03/stablecoin-market-explodes-with-tether-usdt-market-cap-surging-past-100-billion-ccdata/
