PANews reported on November 28 that according to Cointelegraph, based on a report from CCData on November 27, as of November 25, the trading volume of stablecoins this month has surged by 77.5% to $1.81 trillion. This growth is expected to set a new annual high for the monthly trading volume of centralized exchanges.
The total market value of stablecoins has continued its upward trend for 14 months, increasing by 9.94% in November to reach $190 billion, surpassing the historical high of $188 billion before the collapse of Terra's TerraUSD algorithmic stablecoin in April 2022. Despite the growth, the market share of stablecoins has decreased from 7.22% in October to 5.54% due to investors and traders increasing their diversification into Bitcoin and altcoins.
USDT continues to show strong performance, with its market value increasing by 10.5% to $133 billion. USDT accounts for 69.9% of the overall market, followed by Circle's USDC, which saw a 12.1% increase in market value in November to reach $38.9 billion, the highest level since February 2023. Ethena Labs' USDe also showed growth momentum, with its market value increasing by 42.2% to $3.86 billion.