The market value of tokenized gold increased to a record $ 1.4 billion in March with trading volumes that increased to annual heights, Coindesk Data’s monthly stablecoin report shows.

The growth in market value and activity occurred next to the physical yellow metal rally to fresh high times over $ 3,000 per day. Ounce. Tether’s Gold Supported Token (Xaut) and Paxos’ PAXG dominate among the offers with market capitalization of $ 749 million and $ 653 million respectively.

Trade volume with the gold tokens surpassed $ 1.6 billion throughout the month, the highest level of more than a year, according to the report.

The total stableecoin market, which includes symbols with prices linked to Fiat currency and raw materials, climbed over $ 231 billion market capital this month and grew in the 18th consecutive month, the report said.

Tether’s USDT, the largest stableecoin on the market, also rose to a $ 144 billion record supply. However, the market share fell to the lowest level (62.1%) since March 2023, as the StableCoin landscape is becoming more and more competitive. Circle’s USDC, the second largest stableecoin, grew 7% in one month to nearly $ 60 billion.

Decentralized Finance Protocol ethhenas recently launched dollar stableecoin USDTB, which uses Blackrock’s tokenized money market fund BUIDL as reserve -asset, quickly gabbed over $ 1 billion assets to become the 8th largest of the market capital.

In terms of trading volumes on centralized exchanges, USDT’s dominance fell slightly, but still fell over the competition of 75.7% throughout the month among the ten largest stablecoins. Meanwhile, USDC and Hong Kong-based First Digital’s FDUSD saw their trading market capsinance rise to 13.6% and 10% respectively.

Regulatory shifts have reshaped the market for euro-denomine stablecoins as exchanges moved to comply with the markets in crypto assets (glitter) frames. Kraken delisted USDT and other non-compatible stableecoins for European users after the footsteps of other exchanges such as Coinbase and Crypto.com.

Circle’s EURC Stablecoin was a remarkable recipient of the development that grew nearly 30% to $ 157 million market hood and claimed a 45% market share for all euros stableecoins.