The total stablecoin market capitalization rose 2.13% in March to reach a new all-time high of $317 billion, marking the second consecutive month of end-of-month growth, according to CoinDesk Data's monthly Stablecoins and Tokenized Assets Report.
Stablecoin market dominance climbed to 13.1% in March, up from 11.3% in February, while centralized exchange trading volumes reached $792 billion as of March 22.
Tether's USDT reached a market cap of $184 billion in March, a 0.24% increase and its first gain in three months, though its share of the overall stablecoin market slipped to 58.1% from 59.2% in February. USDT retained its dominance in trading activity, accounting for 74.3% of centralized exchange volume.
USDC was the best performer in March among major stablecoins, rising 4.95% to $79.0 billion during the same period.
The total market capitalization of tokenized real-world assets reached a new all-time high of $16.2 billion in March, up 8.93% from February and the third consecutive month growth in the category.
Tokenized Treasuries led, expanding 24.1% to $9.00 billion and representing 55.3% of the total tokenized assets market. Circle's USYC surpassed BlackRock's BUIDL to claim the top position within the category. Tokenized equities also posted significant gains, rising 45.9% to $1.13 billion, driven in large part by xStocks, which grew 130% to $589 million.
Non-crypto assets also saw an uptick in demand on Hyperliquid, accounting for 47.0% of trading volume in March, a new all-time high share, totaling $5.84 billion. Among non-crypto instruments, silver led with $1.33 billion in volume, followed by crude oil perpetuals including xyz:CL at $1.22 billion and xyz:BRENTOIL at $932 million.
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