Tokenized Gold Market Hits Record $1.4B as Stablecoin Sector Surpasses $230B
The market capitalization of tokenized gold soared to an all-time high of $1.4 billion in March, driven by surging trading volumes and a broader rally in the price of physical gold, according to CoinDesk Data’s latest stablecoin report.
This growth coincided with gold’s climb past $3,000 per ounce, setting fresh records in the commodities market. Among tokenized gold offerings, Tether’s gold-backed XAUT and Paxos’ PAXG remain the dominant players, holding market caps of $749 million and $653 million, respectively.
Trading activity in gold-backed tokens also surged, surpassing $1.6 billion in March—the highest volume recorded in over a year.
Meanwhile, the broader stablecoin market continued its upward trajectory, crossing $231 billion in total market capitalization for the 18th consecutive month.
Tether’s USDT, the largest stablecoin, expanded to a record supply of $144 billion. However, its overall market share dipped to 62.1%, its lowest level since March 2023, as competition within the stablecoin space intensified. Circle’s USDC, the second-largest stablecoin, saw its market cap increase by 7% in a month, nearing $60 billion.
Ethena’s newly launched dollar-pegged stablecoin, USDtb, backed by BlackRock’s tokenized money market fund BUIDL, rapidly gained traction, accumulating over $1 billion in assets to become the eighth-largest stablecoin by market cap.
On centralized exchanges, USDT maintained its dominance in trading volumes, accounting for 75.7% of activity among the top 10 stablecoins, though this marked a slight decline. Meanwhile, USDC and First Digital’s Hong Kong-based FDUSD saw their trading market share grow to 13.6% and 10%, respectively.
Regulatory developments also played a significant role in shaping the stablecoin landscape, particularly for euro-backed assets. As major exchanges, including Kraken, Coinbase, and Crypto.com, adjusted their offerings to comply with the European Union’s Markets in Crypto-Assets (MiCA) framework, some stablecoins were delisted for European users.
Circle’s EURC emerged as a key beneficiary, surging nearly 30% in market cap to reach $157 million and capturing a 45% share of the euro-denominated stablecoin market.
