CoinDesk Data's monthly stablecoin report shows that the market cap of tokenized gold climbed to a record $1.40 billion in March, and trading volume soared to a yearly high. Among them, Tether's gold-backed token (XAUT) and Paxos' PAXG dominated these products, with market capitalizations of $749 million and $653 million, respectively. The overall stablecoin market capitalization has surpassed $231 billion in March, growing for 18 straight months, the report said. USDT rose to a record $144 billion. However, as competition in the stablecoin market grew, its market share fell to its lowest level since March 2023 (62.1%). The USDC of Circle, the second largest stablecoin, grew 7% in a month to nearly $60 billion.