November saw a spike in stablecoin volumes as a result of increased demand for digital assets among institutions

In November, the market valuation of stablecoins reached $190 billion, marking a roughly 10% growth, the greatest level for the sector since 2022.

The trade volumes of stablecoins surged 77% in November, reaching $1.81 trillion.
The most stablecoin activity occurred on the Ethereum network, which was higher than that on TRON and other blockchain networks.

Over the last 30 days, the stablecoin market has seen tremendous growth, with a market value of $190 billion and trade volumes of $1.8 trillion.

In November, the crypto market saw a tremendous surge, and stablecoin market capitalization soared to a new all-time high, surpassing the previous record set in October, when stablecoins' market dominance was dropping.

According to CCData's estimations, the stablecoin market valuation increased to $190 billion in November, an increase of 9.9 percent from $188 billion the month before.

The industry had its greatest percentage month-to-month increase since 2021, contributing to the record-breaking growth.

Thus, stablecoin trade volumes increased significantly across centralized exchanges, skyrocketing 77% to an astounding $1.8 trillion in November.

On the other hand, stablecoin market dominance dropped somewhat from 7% in October to 5%

This demonstrates that the influence of the US presidential election on the cryptocurrency market—i.e., the preference of institutional investors for digital assets—may explain the increase in trading volume.

Among stablecoins, USDT maintained its dominance with 69% market share. With a 10% increase, the stablecoin's market valuation reached a new record high of $133 billion.

The Ethereum network, which currently contains more stablecoins than any other blockchain, is where USDT is most popular among DeFi users.

After two years of trailing Tron, Ethereum's blockchain saw a 10% boost in USDT circulation last week, putting it ahead of Tron for the first time.

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