CoinMarketCap Shows Stablecoin Market Near $300B as Tether (USDT) Drives Growth Amid Data Discrepancies

The stablecoin market cap was reported between $289 billion and $300 billion across major trackers on Sept. 12, 2025, because CoinMarketCap, CoinGecko and DefiLlama apply different rules for coin coverage, pricing and the treatment of rehypothecated assets — producing an ~$11 billion divergence.

• Core reason: differing methodologies and coin coverage across data platforms.
• CoinMarketCap reports roughly 150 stablecoins; CoinGecko and DefiLlama each report close to 300, which pushes their totals higher.
• Discrepancies include omissions such as Tether Gold (XAUT) and the new Sky (USDS) contract, plus differing treatment of rehypothecated assets.

The Numbers: Three Trackers, Three Totals

The stablecoin market is approaching a $300 billion capitalization, but the headline figure depends heavily on which data provider you consult — a reminder of how difficult it is to measure this fast-growing sector.

The total stablecoin market cap reached $300 billion on CoinMarketCap (CMC) on Thursday, yet CoinGecko reported $291 billion and DefiLlama showed $289 billion on Friday — a notable spread for the same asset class on consecutive days.

Rafaela Romano, ambassador at the crypto analytics platform Alphractal, told Cointelegraph that these discrepancies “will always exist” because each platform applies different methodologies when calculating market caps.

“With Bitcoin, it is relatively straightforward to calculate supply and market cap,” Romano said. “But with other blockchains, projects, and new tokenomic models, things quickly become more complex.”

Why the Trackers Disagree: Different Methodologies, Different Numbers

CoinMarketCap tracks around 150 stablecoins, while CoinGecko and DefiLlama report data for a significantly larger set — roughly 300 stablecoins each. Broader coverage generally yields a higher aggregate market cap.

According to Alphractal’s Romano, CMC usually does not disclose per-stablecoin calculation details, whereas CoinGecko aggregates data across multiple exchanges and applies tools such as volume-weighted algorithms and outlier detection to gauge reliability.

“DefiLlama emphasizes onchain TVL [total value locked] and sources token pricing from CoinGecko’s API, so their stablecoin market cap figures often align closely with CoinGecko’s,” she added.

Romano noted that one source of discrepancy comes from new blockchain integrations, highlighting potential omissions of newly issued smart contracts and the technological complexity of certain networks. She also observed that, despite reporting a larger overall market cap, CMC does not include Tether Gold (XAUT) among its tracked stablecoins while CoinGecko does — a difference worth about $1.3 billion. In addition, CMC does not yet include the new Sky (USDS) contract — the upgraded version of DAI — while CoinGecko does, creating a further $8.1 billion discrepancy.

How CMC Treats Rehypothecated or Complex-Collateral Tokens

CoinMarketCap’s head of research, Alice Liu, told Cointelegraph that the platform separates tokens backed by crypto assets or involving complex collateral structures from those backed by fiat. CMC categorizes such more complex tokens as rehypothecated assets rather than stablecoins.

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

When Will Stablecoins Reach Mainstream Adoption?

Stablecoins emerged as one of the key industry trends in 2025, particularly amid the Trump administration’s push to promote stablecoins as a way to strengthen the US dollar — including the US adoption of the GENIUS Act in July.

After surpassing a $200 billion market cap in late 2024, stablecoin growth has accelerated, but the sector has yet to achieve mainstream adoption, according to Axelar’s head of growth, Chris Robins.

“$300 billion is an early milestone in the growth of stablecoins,” Robins said, noting that growth has been driven mainly by Tether USDt (USDT), Circle’s USDC (USDC) and Ethena Labs’ yield-bearing stablecoin USDe (USDE).

A senior analyst at Glassnode told Cointelegraph that while some analysts project stablecoins reaching $400 billion by late 2025, barriers remain — including regulatory concerns raised by the European Central Bank and ongoing questions about stablecoin transparency.

How to Compare Stablecoin Market Caps Across Platforms

For analysts, journalists and regulators trying to reconcile competing figures, a consistent comparison method helps:

1. List the covered stablecoins. Compare each platform’s coin list and note omitted or added tokens such as XAUT or Sky (USDS).
2. Check the pricing source. Identify whether a platform uses exchange-aggregated prices, API feeds, or onchain TVL to value tokens.
3. Account for rehypothecation. Determine whether rehypothecated or wrapped assets are classified as stablecoins or kept in a separate category.
4. Reconcile the totals. Adjust for excluded tokens and pricing differences to derive a normalized baseline.

Frequently Asked Questions

Why does CoinMarketCap show $300B while CoinGecko shows $291B?

The gap stems from coin coverage (CMC tracks fewer stablecoins), classification rules, and pricing methodologies. Together these create a multi-billion-dollar variance.

Does rehypothecation affect stablecoin market cap totals?

Yes. Platforms that exclude rehypothecated or complex-collateral tokens report lower fiat-backed stablecoin totals than platforms that include them.

Does including specialized tokens like Tether Gold change the totals?

Yes. Including tokens such as Tether Gold (XAUT) or upgraded contracts like Sky (USDS) can shift totals by billions: the XAUT difference was about $1.3 billion, and Sky (USDS) added roughly $8.1 billion in reported value.

Key Takeaways

• Methodology matters: different inclusion rules and pricing sources produce divergent market cap totals.
• Coverage drives variance: platforms tracking more stablecoins report higher aggregate caps.
• Practical action: compare coin lists and pricing methods to reconcile reported figures for research or reporting.

Conclusion

Tracking the stablecoin market cap requires understanding each data provider’s methodology, coin coverage and treatment of rehypothecated assets. While CoinMarketCap, CoinGecko and DefiLlama reported different totals on Sept. 12, 2025, reconciling their approaches yields a reliable baseline for analysts, journalists and regulators. For accurate monitoring, compare coin lists, pricing sources and classification rules regularly.

This article is for informational purposes only and does not constitute investment advice.