출처: Block Media
Stablecoin Market Surpasses $300 Billion, but Measurement Disparities Signal Need for Standardized Metrics
The stablecoin market has achieved a major milestone, surpassing $300 billion in market capitalization. However, the discrepancies between different data platforms in assessing this figure underscore the sector's pressing need for standardized measurement methodologies. The growth of stablecoins, while reflective of their expanding influence in global finance, continues to be marred by a lack of uniformity in tracking metrics.
Market Capitalization Discrepancies Across Platforms
As of October 12, CoinMarketCap reported the total market cap of stablecoins to exceed $300 billion (approximately 418 trillion won). In contrast, CoinGecko placed the figure at $291 billion (approximately 405.65 trillion won), while DeFiLlama estimated it even lower at $289 billion (approximately 402.86 trillion won). These discrepancies arise from differing approaches in asset selection, calculation models, and tracking methodologies among these platforms.
CoinMarketCap, for instance, tracks around 150 stablecoin assets and opts to exclude those it deems “reused,” such as Tether Gold (XAUT), valued at $1.3 billion (approximately 1.8 trillion won), and Sky (USDS), worth $8.1 billion (approximately 11 trillion won). CoinGecko and DeFiLlama, on the other hand, monitor a larger pool of approximately 300 assets while incorporating factors like on-chain total value locked (TVL), anomaly filtering, and algorithmic adjustments in their analyses.
The Complexity of Stablecoin Tracking
Unlike Bitcoin, which is a straightforward asset to measure, stablecoins present unique challenges in supply tracking due to their intricate structures. These include wrapped tokens, staking derivatives, and collateral-backed variations—all of which complicate aggregation criteria. Platforms vary in their inclusion or exclusion of such assets, further widening calculation gaps.
Alice Liu, Head of Research at CoinMarketCap, commented on their methodology, stating, “We exclude reused assets to avoid duplicate counting.” This approach, although intended to maintain data integrity, creates visible discrepancies of as much as $10 billion (approximately 14 trillion won) with competitor platforms.
Growth Beyond the Data Debate
While these variations highlight the need for standardized metrics, analysts agree that the $300 billion milestone points to the accelerating momentum of the stablecoin market. This growth transcends the specific figures, reflecting stablecoins' increasing adoption and expanding applications within global financial ecosystems.
Analysts see stablecoins as enabling significant developments, such as enhancing liquidity in decentralized finance (DeFi), facilitating cross-border transactions, and potentially reshaping traditional finance. The rising market cap reinforces stablecoins' role as a critical financial instrument.
A Call for Standardization in the Stablecoin Sector
The current inconsistencies in stablecoin tracking shine a spotlight on the broader challenges of establishing reliable and universal benchmarks in an industry still maturing. Experts emphasize the importance of aligning methodologies across platforms to provide clearer insights for regulators, investors, and other stakeholders.
As stablecoins become more central to global finance, addressing these discrepancies will be key to building trust and enabling sustainable growth. Standardization would not only enhance market transparency but also strengthen the credibility of these digital assets in the eyes of both institutional and retail participants.
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Related Reading
- Tom Lee: “Stablecoins Could Help Resolve the U.S.'s $35 Trillion Debt Problem”
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