November saw a significant boost in stablecoin trading, driven by growing institutional confidence in digital assets. According to a CCData report, trading volumes surged 77.5% to $1.81 trillion, setting the stage for a potential yearly high on centralized exchanges. The stablecoin market cap hit a record $190 billion, surpassing April 2022's peak, despite a drop in market dominance to 5.54% as investors diversified into Bitcoin and altcoins.

Tether (USDT) led the charge, increasing its market cap by 10.5% to $133 billion, while USD Coin (USDC) rose 12.1% to $38.9 billion. Ethena Labs’ USDe also saw a 42.2% rise, attributed to interest in the Ethena ecosystem. However, First Digital USD (FDUSD) and Sky Dollar (USDS) experienced declines, with market caps falling by 14.9% and 8.34%, respectively.