According to data on the DAppTotal.com stablecoin page, as of March 31, the total USDT circulation was 6.26 billion USD, an increase of 1.42 billion USD from the previous month, and the growth momentum is obvious. Among them, the total ERC20-USDT circulation continued to expand. From $ 2.72 billion last month to $ 4.24 billion. The total issuance of emerging stable currencies was $ 1.52 billion, a significant increase of $ 550 million from the previous month’s 970 million. Among them, the total issued volume of USDC was 693 million US dollars, accounting for 45.5%, continuing to maintain its first place, and gradually distanced itself from other emerging stable currencies; the total issued amount of PAX was 248 million US dollars, accounting for 16..3%, Ranked second; BUSD ranked third, with a total circulation of USD 187 million, accounting for 12.3%; HUSD issued a volume of USD 140 million, ranking fourth. On the whole, due to the large fluctuations in the price of the currency, the demand for trading and hedging led to a significant increase in USDT and emerging stablecoins in March.