Stablecoin Market Shakes Up: Ethena's USDtb Soars, Tether Slips, and EURC Hits New Highs

Ethena's USDtb Explodes onto the Scene

Holy smokes, the stablecoin market is on fire this March! Ethena's USDtb just rocketed into the top 10 stablecoins by market cap, leaving everyone stunned. This synthetic stablecoin, backed by BUIDL, went from zero to hero with a mind-blowing 1,219% surge in March, hitting a cool $1.18 billion. That's right, it's now the 8th largest stablecoin out there!

Converge Blockchain and USDtb: A Match Made in Crypto Heaven

What's fueling this insane growth? Ethena Labs just dropped the Converge EVM-compatible blockchain in a sizzling partnership with Securitize, and guess what? USDtb is the star of the show, serving as the go-to currency for transaction fees. It's like watching a crypto rocket take off!

Tether's Dominance Takes a Hit

But wait, there's more drama! Tether (USDT) is feeling the heat, with its market dominance plummeting to 62.1% - the lowest since March 2023. Ouch! Multiple exchanges are giving USDT the boot due to those pesky MiCA regulations. It's a wild ride in the stablecoin world!

EURC's Euro-Powered Surge

On the flip side, EURC (EURC) is partying like it's 2024! This euro-backed stablecoin from Circle just hit a new all-time high, with its market cap jumping 29.5% to $147 million. That's three months straight of growth, baby! And get this - EURC now makes up a whopping 45.6% of all euro-denominated stablecoins. Why? Because everyone's ditching those non-MiCA-compliant stablecoins like USDT on European exchanges and jumping on the regulated EURC train.

Stablecoin Market Keeps Expanding

And the cherry on top? The overall stablecoin market is blowing up, with stablecoin market cap dominance soaring to 8.02%. Buckle up, folks, because the stablecoin rollercoaster is just getting started!