Stablecoin Market Nears $300 Billion Amid Data Discrepancies Across Platforms

Stablecoin Market Approaches $300 Billion Amid Divergent Data

The stablecoin sector is nearing a $300 billion market capitalization milestone, yet significant discrepancies in reported figures across major crypto data platforms highlight challenges in measuring this rapidly expanding asset class.

On Thursday, CoinMarketCap (CMC) announced that stablecoins collectively reached a $300 billion market cap. However, by Friday, CoinGecko and DefiLlama reported lower valuations of approximately $291 billion and $289 billion, respectively. These differences underscore the complexities in aggregating and standardizing stablecoin data.

Methodological Variances Drive Reporting Differences

Rafaela Romano, ambassador for the crypto analytics firm Alphractal, explained to Cointelegraph that such disparities are inherent due to each platform employing distinct methodologies. “Calculating Bitcoin’s supply and market cap is relatively straightforward,” she noted, “but the inclusion of multiple blockchains, diverse tokenomic models, and new projects complicates stablecoin valuation significantly.”

CMC tracks roughly 150 stablecoins, whereas CoinGecko and DefiLlama include data on about 300 stablecoins each. Romano pointed out that CMC generally does not disclose detailed per-token calculation methods, while CoinGecko aggregates data across numerous exchanges and applies volume-weighted algorithms and outlier detection to enhance reliability. DefiLlama focuses on on-chain total value locked (TVL) and sources token pricing from CoinGecko’s API, leading to closer alignment between those two platforms.

Token Inclusion and Blockchain Integrations Affect Market Cap

One notable source of discrepancy is the inclusion or exclusion of certain tokens. For example, CoinGecko counts Tether Gold (XAUT), contributing about $1.3 billion to its total, while CMC does not. Additionally, the upgraded Sky (USDS) contract—a successor to the DAI stablecoin—is included by CoinGecko but omitted by CMC, accounting for an $8.1 billion difference.

Romano also highlighted that new blockchain integrations and smart contract deployments may be underrepresented due to technological complexities and data collection challenges.

CoinMarketCap’s Approach to Complex Collateral Structures

Alice Liu, head of research at CoinMarketCap, told Cointelegraph that the platform distinguishes between fiat-backed stablecoins and tokens backed by crypto assets or involving complex collateral arrangements. These are classified as “rehypothecated assets” rather than stablecoins to prevent multiple counting of the same collateral value across categories. Examples include wrapped assets, staking derivatives, and tokens like USDS.

Stablecoins: Growth Amid Regulatory and Adoption Challenges

Stablecoins have emerged as a significant trend in 2025, especially following the US government’s efforts to promote them as a tool to reinforce the US dollar, including the adoption of the Genius Act in July. After surpassing a $200 billion market cap in late 2024, the sector’s expansion has accelerated.

Chris Robins, head of growth at Axelar, described the $300 billion mark as an early milestone, driven primarily by Tether’s USDT, Circle’s USDC, and Ethena Labs’ yield-bearing USDe. Nevertheless, mainstream adoption remains limited due to regulatory uncertainties, particularly from the European Central Bank, and persistent transparency concerns regarding stablecoin reserves.

Industry analysts project the stablecoin market could reach $400 billion by the end of 2025, although regulatory and operational hurdles may influence this trajectory.