The Stablecoins market is expanding, with total value approaching $ 300 billion. This growth shows the growing importance of stablecoins in the cryptocurrency industry. However, different data platforms report variable figures for market size, demonstrating that measuring such a dynamic and rapid growth sector is not simple.
In short
- The Stablecoins market has reached $ 301 billion in CoinmarketCap, while Coingecko and Defillama reported slightly lower figures.
- The differences in reported totals are due to variations in the way in which each platform calculates market capitalization.
- Despite these differences, the Stablecoins market continues to grow and should increase more according to forecasts.
Market capitalization trends according to platforms
Morgan Stanley, in July, reported that the capitalization of the Stablecoins market has increased by more than $ 250 billion, an increase of 22% in 2025. Since then, the market has continued its growth, with platforms reporting various figures:
- In September, CoinmarketCap reported that the market had reached $ 301 billion.
- Coingecko recorded a slightly lower figure of $ 292 billion.
- Defillama brought the market to $ 289 billion.
Why the Stablecoins market figures vary according to the platforms
The differences in the reported figures come mainly from the way in which each platform calculates market capitalization. Rafaela Romano, ambassador of the Crypto Alphractal analysis platform, explained that these deviations are inevitable Because each data platform uses its own methodology.
She stressed that calculating the offer and capitalization for Bitcoin is simple, but for other blockchains and more recent or unconventional tokens, the calculations are much more complex.
Romano explained to Cointelegraph that each platform adopts a different approach to calculate market capitalization. She noted that CoinmarketCap does not provide details on how it calculates the market value of stablecoins individually.
Coingecko, on the other hand, collects prices for several exchanges and uses methods such as the average weighted by the volume and filtering of unusual data points to improve precision. Defillama focuses on the total blocked on-chain value and uses the Coingecko prices, which is why its reported figures often correspond closely to those of Coingecko.
These methodological differences are aggravated by differences in coverage. Some newly issued contracts may not yet be followed by all platforms, and complex networks are more difficult to integrate.
For example, CoinMarketCap does not count Tether Gold (XAUT) among its followed stables, while Coingecko does it, which creates a difference of $ 1.3 billion. Nor did he add the new Sky (USDS) contract, which generates another difference of $ 8.1 billion between the totals reported by the platforms.
How the coverage and classification impact the figures of the Stablecoins market
Another key factor is the number of stablecoins that each platform follows. CoinmarketCap watches about 150 Stablecoins, while Coingecko and Defillama follow about 300 each. This wider cover naturally leads to higher totals reported by Coingecko and Defillama.
Classification methods also help to explain why the totals vary. Alice Liu, research manager at CoinmarketCap, explained that the platform separates tokens guaranteed by cryptocurrencies or complex collaterals from those guaranteed by Fiat currencies. She added that tokens using complex collaterals are classified as rehypothecated assets rather than a stablecoins.
Alice explained that “This guarantees that we do not have the same collateralized value several times in different categories. For example, the wrapped active ingredients, storage or remaining derivatives, and tokens like Usds are part of this group. »»
Despite the differences in the figures reported, the Stablecoins market continues to grow. With CoinMarketCap reporting a current value of $ 301 billion, expectations remain high, and many provide that the market will continue to extend throughout 2025. However, regulatory surveillance and transparency concerns could affect the speed of this growth.
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