According to Golden Finance, CoinDesk Data's monthly stablecoin report showed that the market value of tokenized gold climbed to a record $1.4 billion in March, with trading volume soaring to annual highs. Among them, Tether’s Gold-backed Token (XAUT) and Paxos’ PAXG dominate these products with market capitalizations of $749 million and $653 million, respectively. The report said that the overall stablecoin market's market value exceeded US$231 billion in March, growing for 18 consecutive months. USDT rose to a record $144 billion. However, as competition in the stablecoin market becomes increasingly fierce, its market share has dropped to its lowest level since March 2023 (62.1%). Circle, the second largest stablecoin, has seen USDC rise 7% in a month to nearly $60 billion.