The $301 Billion Stablecoin Market: Figures and Challenges

The stablecoin market is rapidly expanding, with its total value approaching $300 billion. This growth shows the increasing importance of stablecoins in the cryptocurrency industry. However, different data platforms report varying figures for the market’s size, showing that measuring such a dynamic and fast-growing sector is not straightforward.

Market Capitalization Trends Across Platforms

Morgan Stanley, in July, reported that stablecoin market capitalization has grown more than $250 billion, a 22% increase in 2025. Since then, the market has continued to grow further, with different platforms reporting varying figures:

• By September, CoinMarketCap reported the market had climbed to $301 billion.
• CoinGecko recorded a slightly lower figure of $292 billion.
• DefiLlama reported the market at $289 billion.

Why Stablecoin Market Figures Vary Across Platforms

The differences in reported figures largely stem from how each platform calculates market capitalization. Rafaela Romano, ambassador for crypto analytics platform Alphractal, explained that such discrepancies are unavoidable because every data platform uses its own methodology. 

She noted that calculating supply and market cap for Bitcoin is straightforward, but for other blockchains and more recent or unconventional token designs, the calculations are significantly more complicated.

Romano explained to Cointelegraph that each platform takes a different approach to calculating market capitalization. She noted that CoinMarketCap does not provide details on how it calculates the market value of individual stablecoins. 

CoinGecko, in contrast, collects prices from multiple exchanges and uses methods such as volume-weighted averaging and filtering out unusual data points to improve accuracy. DefiLlama focuses on the total value locked on-chain and uses CoinGecko’s pricing, which is why its reported figures often closely match CoinGecko’s.

These methodological differences are compounded by differences in coverage. Some newly issued smart contracts may not yet be tracked by all platforms, and complex networks are harder to integrate. 

CoinMarketCap, for instance, does not count Tether Gold (XAUT) among its tracked stablecoins, whereas CoinGecko does, resulting in a $1.3 billion difference. It has also not yet added the new Sky (USDS) contract, which creates another $8.1 billion gap between the platforms’ reported totals.

How Coverage and Classification Affect Stablecoin Market Figures

Another key factor is the number of stablecoins each platform tracks. CoinMarketCap monitors about 150 stablecoins, while CoinGecko and DefiLlama each track roughly 300. This wider coverage naturally results in higher totals reported by CoinGecko and DefiLlama.

Classification methods also help shed light on why the totals vary. Alice Liu, head of research at CoinMarketCap, explained that the platform separates tokens backed by crypto or complex collateral from those with fiat backing. She added that tokens using complex collateral are classified as rehypothecated assets instead of stablecoins.

Alice explained that “this ensures that we don’t count the same collateralized value multiple times across different categories. For example, wrapped assets, staking or restaking derivatives, and tokens like USDS fall into this group.”

Despite the differences in reported figures, the stablecoin market continues to grow. With CoinMarketCap reporting a current value of $301 billion, expectations remain high, and many forecast the market is expected to continue expanding throughout 2025. However, regulatory oversight and transparency concerns could affect the speed of this growth.