Stablecoin Trading Volume Reaches $1.8 Trillion in November as Institutional Confidence Grows
The cryptocurrency market experienced notable developments in November, with stablecoins achieving record trading volumes and market capitalization while football club Watford FC strengthened its blockchain engagement. According to CCData's report, stablecoin trading volumes on centralized exchanges surged by 77.5% to $1.81 trillion as of Nov. 25, marking one of the highest monthly volumes in 2024. The total market capitalization of stablecoins rose by 9.94%, reaching an all-time high of $190 billion, surpassing the previous peak of $188 billion set in April 2022.
Tether’s USDT led the growth, increasing its market cap by 10.5% to $133 billion and securing 69.9% of the market share. Circle’s USD Coin (USDC) followed with a 12.1% rise to $38.9 billion, its highest since February 2023. Ethena Labs’ USDe stablecoin experienced significant growth, up by 42.2% to $3.86 billion, following the introduction of revenue-sharing mechanisms. Meanwhile, First Digital USD (FDUSD) and Sky Dollar (USDS) saw declines of 14.9% and 8.34%, respectively. Despite these mixed results, 38 out of 198 analyzed stablecoins reached all-time highs in November, signaling robust market activity.
Trading activity mirrored these trends, with USDT accounting for 82.7% of trading volumes. FDUSD held 9.01%, reflecting its use in Asian cross-border payments, while USDC secured an 8.09% share. Euro-denominated stablecoins saw a decline in market cap to $256 million but achieved a 52.9% increase in trading volumes, reaching $657 million. Analysts attributed this growth to optimism surrounding regulatory clarity, particularly under the MiCA framework in Europe.
In a separate development, Watford FC, an English football club, expanded its blockchain efforts through a partnership with Cointelegraph. This collaboration will feature Cointelegraph’s branding prominently at Vicarage Road stadium during the 2024-2025 EFL Championship season, while Cointelegraph will share Watford FC’s content with the crypto community. Watford’s involvement with cryptocurrency began in 2019 when it became the first Premier League club to display Bitcoin’s logo on its jerseys through a partnership with Sportsbet.io. The club also launched initiatives like a Bitcoin-themed hospitality box and proposed hosting the Crypto Cup to educate fans about blockchain technology.
Paul O’Brien, Watford’s commercial director, emphasized the importance of engaging with the crypto sector to explore new revenue streams, while Gareth Jenkinson of Cointelegraph highlighted the alignment between the two organizations in advancing the mainstream adoption of blockchain. These developments underscore the growing integration of cryptocurrencies in traditional industries and their expanding role in financial and commercial ecosystems.
