The stablecoin market cap is reported between $289B and $300B across major trackers due to differing coin coverage and calculation methods; CoinMarketCap, CoinGecko and DefiLlama apply unique rules for inclusion, pricing and rehypothecation treatment, producing the observed $11B divergence.
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Core reason: differing methodologies and coin coverage across data platforms.
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CoinMarketCap reports ~150 stablecoins; CoinGecko and DefiLlama report roughly 300 each, causing varying totals.
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Discrepancies include omissions such as Tether Gold (XAUT) and new Sky (USDS) contracts, and differing treatment of rehypothecated assets.
stablecoin market cap: See why trackers report $289B–$300B differently; read the comparison and steps to compare platforms.
What is causing the stablecoin market cap differences across trackers?
The stablecoin market cap varies because each tracker uses different coin lists, pricing sources, and classification rules. CoinMarketCap, CoinGecko and DefiLlama apply distinct inclusion criteria, volume-weighted pricing, and rehypothecation filters, which together create multi-billion-dollar gaps in reported totals.
How do CoinMarketCap, CoinGecko and DefiLlama calculate market caps differently?
CoinMarketCap (CMC) focuses on a smaller, curated set of stablecoins and separates rehypothecated or complex-collateral tokens from fiat-backed stablecoins. CoinGecko aggregates exchange data, applies volume-weighted algorithms and outlier detection, and tends to include a broader coin list. DefiLlama emphasizes onchain TVL and sources token prices from CoinGecko’s API, aligning its totals closer to CoinGecko’s figures.
Frequently Asked Questions
How many stablecoins do major trackers include?
CoinMarketCap tracks roughly 150 stablecoins, while CoinGecko and DefiLlama each report near 300 stablecoins. Wider coverage typically yields a larger aggregate market cap figure.
Does inclusion of specialized tokens like Tether Gold change totals?
Yes. Including tokens such as Tether Gold (XAUT) or upgraded contracts like Sky (USDS) can shift totals by billions; one reported difference from XAUT inclusion 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 report different totals today, reconciling their approaches delivers a reliable baseline for analysts, journalists and regulators. For accurate monitoring, compare lists, pricing sources and classification rules regularly.
The stablecoin market cap topped $300 billion on CoinMarketCap, but discrepancies across platforms like CoinGecko and DefiLlama highlight challenges in tracking crypto assets.
The stablecoin market is approaching a $300 billion capitalization, but figures differ widely across leading crypto data platforms, highlighting the challenges of measuring the fast-growing sector.
The total stablecoin market cap reached $300 billion on CoinMarketCap (CMC) on Thursday, but CoinGecko reported $291 billion and DefiLlama showed $289 billion on Friday, displaying significant discrepancies.
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,” Roman said. “But with other blockchains, projects, and new tokenomic models, things quickly become more complex.”
Different methodologies, different numbers
CoinMarketCap tracks around 150 stablecoins, while CoinGecko and DefiLlama report data for a significantly larger number — roughly 300 stablecoins each.
According to Alphractal’s Romano, CMC usually does not disclose per-stablecoin calculation details, while CoinGecko aggregates data across multiple exchanges and applies tools such as volume-weighted algorithm and outlier detection to measure 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.
Total stablecoin market capitalization data on CoinMarketCap, CoinGecko and DefiLlama as of Sept. 12. Source: CoinMarketCap, CoinGecko, DefiLlama
One source of discrepancy is coming from the new blockchain integrations, Romano noted, highlighting potential omissions of newly issued smart contracts and technological complexity of certain networks.
She also observed that while reporting a bigger market cap, CMC does not include Tether Gold (XAUT) in its tracked stablecoins, while CoinGecko does, which creates a $1.3 billion divergence.
Related: Tether denies Bitcoin sell-off rumors, confirms buying BTC, gold, land
Additionally, CMC does not yet include the new Sky (USDS) contract — the upgraded version of DAI — while CoinGecko does, creating another $8.1 billion discrepancy.
How does CMC treat 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, Liu said.
“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.”
When will stablecoins reach mainstream adoption?
Stablecoins have emerged as one of the key industry trends in 2025, particularly amid the Trump administration’s push to promote stablecoins to strengthen the US dollar, including the US’s adoption of the Genius Act in July.
After surpassing a $200 billion market cap in late 2024, the stablecoin market growth has accelerated, but stablecoins are yet to gain mainstream adoption, according to Axelar’s head of growth, Chris Robins.
Related: Alabama state senator warns GENIUS Act could harm small banks
“$300 billion is an early milestone in the growth of stablecoins,” he said, observing that the stablecoin growth has been mainly contributed by Tether USDt (USDT), Circle’s USDC (USDC), as well as Ethena Labs’ yield-bearing stablecoin USDe (USDE).
A senior analyst at Glassnode told Cointelegraph that despite some analysts projecting stablecoins to reach $400 billion by late 2025, some barriers remain, including regulatory concerns by the European Central Bank and stablecoin transparency issues.
Magazine: Stablecoins in Japan and China, India mulls crypto tax changes: Asia Express
Published: Sept. 12, 2025 — Updated: Sept. 12, 2025
