Tokenized Gold Market Capitalization Reaches $1.4 Billion in March
The market capitalization of tokenized gold reached $1.4 billion in March, with trading volumes exceeding $1.6 billion, marking the highest levels in over a year.
Key points:
- Gold's price surpassed $3,000 per ounce, contributing to the increase in tokenized gold market value.
- Tether's gold-backed token (XAUT) has a market cap of $749 million; Paxos' PAXG has $653 million.
- The overall stablecoin market cap rose above $231 billion, growing for 18 consecutive months.
- Tether's USDT supply hit a record $144 billion, but market share fell to 62.1%, the lowest since March 2023.
- Circle's USDC increased by 7% to nearly $60 billion in market cap.
- Ethena's USDtb stablecoin quickly amassed over $1 billion, becoming the 8th largest by market cap.
- USDT held 75.7% trading volume dominance among top stablecoins, while USDC and FDUSD rose to 13.6% and 10% respectively.
- Regulatory changes led to exchanges delisting non-compliant stablecoins, benefiting Circle's EURC, which grew nearly 30% to a $157 million market cap.
