The stablecoin market is approaching a market capitalization of $300 billion, but the data discrepancies among major crypto data platforms highlight the challenges of measuring this rapidly growing industry.
On Thursday, the total market capitalization of stablecoins reached $300 billion on CoinMarketCap (CMC), while CoinGecko reported it at $291 billion, and DefiLlama showed it at $289 billion on Friday, presenting significant differences.
Crypto analytics platform Alphractal ambassador Rafaela Romano told Cointelegraph that these discrepancies "will always exist" because each platform uses different methodologies to calculate market capitalization.
"For Bitcoin, calculating supply and market cap is relatively straightforward," Romano said. "But for other blockchains, projects, and new token economic models, it quickly becomes much more complex."
CMC tracks about 150 stablecoins, while CoinGecko and DefiLlama report data covering a larger number—around 300 stablecoins on each platform.
According to Alphractal's Romano, CMC typically does not disclose the calculation details for each stablecoin, while CoinGecko aggregates data from multiple exchanges and applies tools like volume-weighted algorithms and outlier detection to measure reliability.
"DefiLlama emphasizes on-chain TVL (Total Value Locked) and obtains token pricing from CoinGecko's API, so their stablecoin market cap data often closely aligns with CoinGecko," she added.
Romano pointed out that one source of the discrepancies comes from new blockchain integrations, highlighting potential omissions of newly issued smart contracts and the technical complexities of certain networks.
She also noted that while a larger market cap is reported, CMC does not include Tether Gold (XAUT) among the stablecoins it tracks, whereas CoinGecko does, resulting in a $1.3 billion difference.
Additionally, CMC has yet to include the new Sky (USDS) contract—an upgraded version of DAI—while CoinGecko includes it, causing another $8.1 billion difference.
CoinMarketCap research director Alice Liu told Cointelegraph that the platform separates tokens supported by crypto assets or involving complex collateral structures from those backed by fiat currencies.
Liu stated that CMC classifies such more complex tokens as re-collateralized assets rather than stablecoins.
Stablecoins have become one of the key industry trends for 2025, especially in the context of the Trump administration's push to promote stablecoins to strengthen the dollar's position, including the GENIUS Act passed in the U.S. in July.
After exceeding a $200 billion market cap by the end of 2024, the growth of the stablecoin market has accelerated, but according to Axelar's growth director Chris Robins, stablecoins have yet to achieve mainstream adoption.
"$300 billion is an early milestone for stablecoin growth," he said, noting that the growth of stablecoins is primarily driven by Tether USDt, Circle's USDC, and Ethena Labs' yield-bearing stablecoin USDe.
A senior analyst at Glassnode told Cointelegraph that while some analysts predict stablecoins will reach $400 billion by the end of 2025, there are still some obstacles, including regulatory concerns from the European Central Bank and issues regarding stablecoin transparency.
Related: Helius CEO: The "endgame" for dollar stablecoins is to eliminate price codes
Original article: “Stablecoin Market Cap Hits $300B on CoinMarketCap—Why Are There Data Discrepancies Across Platforms?”
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