The stablecoin market is growing rapidly, approaching a total value of $300 billion. However, different platforms report various parameters of this growth.
Growth of Stablecoin Capitalization
According to Morgan Stanley, stablecoin market capitalization surpassed $250 billion in July, a 22% increase. By September, CoinMarketCap reported it as $301 billion, while CoinGecko registered $292 billion and DefiLlama reported $289 billion.
Reasons for Market Figure Variations
The differences in figures are mainly due to the methodology used by each platform to calculate capitalization. Rafaela Romano from the analytics platform Alphractal noted that such discrepancies are unavoidable as each platform uses its own calculation methods. For instance, CoinMarketCap does not disclose how it assesses the market value of individual stablecoins.
Impact of Coverage and Classification
Another important factor is the number of stablecoins tracked by each platform. CoinMarketCap monitors around 150 stablecoins, while CoinGecko and DefiLlama track approximately 300. Classification methods also impact the differing totals. Alice Liu from CoinMarketCap explained that tokens backed by crypto collateral are classified differently to avoid double-counting the same collateral.
Despite the discrepancies in reporting, the stablecoin market continues to grow. Expectations remain high, although regulatory oversight and transparency concerns may affect the pace of this growth.
