The stablecoin sector is closing in on the $300 billion mark, yet different crypto data providers show conflicting numbers, underlining how tricky it is to measure this fast-expanding market.
According to CoinMarketCap (CMC), stablecoins crossed $300 billion in capitalization on Thursday. However, CoinGecko listed the total closer to $291 billion, while DefiLlama placed it at around $289 billion by Friday.
Rafaela Romano, an ambassador for the analytics firm Alphractal, explained that such differences are inevitable. “Each platform has its own methodology. With Bitcoin, measuring supply and market cap is straightforward, but when you move into other blockchains and token models, things quickly get more complex.”
Why the numbers don’t match
CMC includes around 150 stablecoins in its tracking, while CoinGecko and DefiLlama monitor almost double that figure. CMC also keeps its calculation process less transparent, whereas CoinGecko applies volume-weighted averages and filters for outliers to improve reliability.
DefiLlama, meanwhile, leans heavily on on-chain TVL data and sources pricing from CoinGecko’s API, which is why its numbers tend to stay close to CoinGecko’s.
Romano pointed out that fresh blockchain integrations and overlooked smart contracts can add to the discrepancies. For instance, CMC does not list Tether Gold (XAUT), which CoinGecko does — creating a $1.3 billion gap. Similarly, CMC hasn’t yet included the updated Sky (USDS) contract, while CoinGecko has, adding another $8.1 billion divergence.
CMC’s stricter classification
Alice Liu, head of research at CoinMarketCap, noted that the platform separates more complex collateral-backed assets from fiat-backed stablecoins. “We avoid double-counting the same collateral value across categories. That’s why tokens involving wrapped assets, staking derivatives, or newer models like USDS are grouped under ‘rehypothecated assets’ rather than stablecoins,” she explained.
Stablecoins: milestone hit, adoption pending
Stablecoins have been one of 2025’s strongest industry themes, especially after the Trump administration moved to support their growth through the Genius Act in July as part of a wider push to reinforce the US dollar.
The market surged past $200 billion in late 2024, and momentum has only accelerated since. Still, mainstream adoption remains limited, said Chris Robins, head of growth at Axelar. “Crossing $300 billion is just an early milestone. Most of the growth is being driven by Tether’s USDT, Circle’s USDC, and Ethena’s yield-bearing USDe.”
A Glassnode analyst added that while some forecasts see the stablecoin market reaching $400 billion by the end of 2025, hurdles remain. These include regulatory scrutiny from the European Central Bank and ongoing concerns about transparency in the sector.
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