According to CCData's latest report, the global market capitalization of stablecoins reached an unprecedented $190 billion in November, surpassing the previous historic high of $188 billion set in April 2022.
Compared to October, stablecoins experienced a strong growth of 9.94%, marking the highest monthly increase since November 2021.
This milestone also represents the 14th consecutive month of end-of-month market capitalization growth, reflecting the ongoing global demand for stablecoins as part of the digital financial ecosystem.
Tether USD (USDT) remains the dominant force, with a market capitalization growth of 10.5%, reaching $133 billion.
This marks the 15th consecutive month of growth for this stablecoin, which now accounts for 69.9% of the industry.
Similarly, Circle's USD Coin (USDC) also saw significant growth, climbing 12.1% to reach $38.9 billion, the highest level since February 2023.
Meanwhile, Ethena Labs' USDe stood out, rising 42.2% to reach a historic high of $3.86 billion, mainly due to the ENA token holder revenue-sharing mechanism launched in mid-month.
In contrast, First Digital USD (FDUSD) and Sky Dollar (USDS) experienced declines in market capitalization, dropping 14.9% and 8.34% respectively.
The report shows that among the 198 stablecoins analyzed, 38 reached historical highs in November, indicating a diverse and highly competitive market.
While USDT, USDC, and USDe contribute the most to the industry's growth, some stablecoins also face challenges.
In addition, euro-denominated stablecoins are becoming an innovative and compliant field, making Europe a potential leader in the next phase of stablecoin applications.
However, despite some positive developments in the region in recent weeks, the market capitalization of stablecoins pegged to the euro has decreased by 11.4%, falling to $256 million.
As of November 25, the trading volume of stablecoins on centralized exchanges soared to $1.81 trillion, a month-over-month increase of 77.5%.
Driven by increased institutional interest and optimistic sentiment about clear US regulations, the surge in trading volume is expected to exceed the all-time record set in March.
Analysts believe that the rise in stablecoin trading volume is due to increased confidence in stablecoins, which are seen as reliable assets for trading and hedging in the volatile crypto asset market.
USDT dominates trading activity, accounting for 82.7% of total trading volume on centralized exchanges, while FDUSD ranks second among stablecoins in trading volume with a market share of 9.01%, followed closely by USDC with a market share of 8.09%.
The report states that FDUSD's dominance reflects its strong application in the Asian market, especially in cross-border payment applications.
Meanwhile, euro-denominated stablecoins saw a significant surge in trading activity of 52.9% this month, reaching $65.7 million, indicating an increase in adoption among European users.
Analysts believe that while the decrease in market capitalization may reflect short-term consolidation, the increase in trading activity indicates steady progress in establishing utility and compliance under the MiCA framework.
As stablecoins continue to evolve, their role as a pillar for trading and settlement of crypto assets is becoming increasingly evident.
The monthly trading volume of stablecoins exceeded $1.81 trillion, with institutional confidence continuously strengthening, promising sustained growth.
It is expected that clearer regulations in the US and Europe will further legitimize stablecoins, encouraging broader adoption across various sectors.
As stablecoins diversify towards new use cases such as cross-border payments and yield generation mechanisms, the industry will play a key role in shaping the future of digital finance.
