It exceeded the historic record of $188 billion set in April 2022.
Source: cryptoslate
Translation: Blockchain Knight
According to the latest report from CCData, the global market capitalization of stablecoins reached an unprecedented $190 billion in November, surpassing the historic high of $188 billion set in April 2022.
Compared to October, stablecoins experienced a robust growth of 9.94%, marking the highest monthly increase since November 2021.
This milestone also represents the 14th month of consecutive month-end market capitalization growth, reflecting ongoing global demand for stablecoins as a component of the digital financial ecosystem.
Tether USD (USDT) remains a dominant force, with a market capitalization growth of 10.5%, reaching $133 billion.
This marks the 15th consecutive month of growth for the stablecoin, which currently accounts for 69.9% of the industry.
Similarly, Circle's USD Coin (USDC) also achieved significant growth, climbing by 12.1% to reach $38.9 billion, the highest level since February 2023.
Meanwhile, Ethena Labs' USDe has stood out, rising by 42.2% to reach a historic high of $3.86 billion, primarily benefiting from the income-sharing mechanism for ENA token holders launched in mid-month.
In contrast, the market capitalizations of First Digital USD (FDUSD) and Sky Dollar (USDS) have declined, falling by 14.9% and 8.34%, respectively.
The report shows that among the 198 stablecoins analyzed, 38 reached historic highs in November, indicating a market characterized by diversity and intense competition.
While USDT, USDC, and USDe contribute the most to industry growth, some stablecoins also face challenges.
Additionally, euro-denominated stablecoins are becoming an innovative and compliant space, positioning Europe as 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 euro-pegged stablecoins 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, with a month-on-month growth of 77.5%.
Driven by growing institutional interest and optimism regarding regulatory clarity in the United States, the surge in trading volume is expected to surpass the annual record set in March.
Analysts believe that the rise in stablecoin trading volume is due to increased confidence in stablecoins, viewing them as reliable assets for trading and hedging in a turbulent crypto asset market.
USDT dominates trading activity, accounting for 82.7% of total trading volume on centralized exchanges, while FDUSD ranks second in trading volume with a market share of 9.01%, followed closely by USDC with an 8.09% market share.
The report states that FDUSD's dominance reflects its strong application in the Asian market, particularly in cross-border payment applications.
Meanwhile, euro-denominated stablecoins experienced a significant surge in trading activity this month, increasing by 52.9% to $657 million, indicating a rise 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 crypto asset trading and settlement is becoming increasingly apparent.
Monthly trading volume of stablecoins exceeded $1.81 trillion, with institutional confidence continuously growing, promising sustained growth.
It is expected that the clarification of regulations in the United States and Europe will further legitimize stablecoins, encouraging broader adoption of stablecoins across various industries.
As stablecoins diversify into new use cases such as cross-border payments and yield generation mechanisms, the industry is expected to play a key role in shaping the future of digital finance.
