Stablecoin trading volume surges to $1.8T in November
November’s market activity has spurred a surge in stablecoin trading, buoyed by the heightened institutional confidence in the digital assets industry.
According to a CCData report on Nov. 27, stablecoin trading volume saw a sharp increase of 77.5%, rising to $1.81 trillion as of Nov. 25. This growth places monthly trading volumes on centralized exchanges on track to hit a yearly high.
Continuing a 14-month upward trend, the total stablecoin market capitalization rose by 9.94% in November, reaching $190 billion and surpassing the previous all-time high of $188 billion from April 2022, prior to the collapse of Terra’s TerraUSD algorithmic stablecoin. Despite this growth, market dominance dropped to 5.54% from 7.22% in October, as investors and traders increased diversification on Bitcoin ( BTC ) and altcoins.
Tether’s USDt ( USDT ) continues to show a strong performance, growing its market capitalization by 10.5% to $133 billion. The stablecoin accounts for 69.9% of the overall market, followed by Circle’s USD Coin ( USDC ), which expanded its market cap by 12.1% to $38.9 billion in November — its highest level since February 2023.
The total stablecoins market cap reached a new high in November. Source: CCData
Related: Tether discontinues support for euro-pegged stablecoin EUR₮
Ethena Labs’ USDe ( USDE ) also shows growth in performance, posting a 42.2% rise in market capitalization to $3.86 billion. “The surge in demand for the stablecoin can be attributed to heightened interest in the Ethena ecosystem after its proposal to activate revenue share for Ethena (ENA) tokenholders,” notes the report.
The USDe stablecoin was launched in February and currently offers an APY of 21.2%, down from a high of 55.9% in March, according to CCData.
On the other hand, First Digital USD ( FDUSD ) and Sky Dollar (USDS) — formerly Dai (DAI) — recorded the most significant declines among the top 10 stablecoins in November. FDUSD’s market capitalization fell by 14.9% to $1.90 billion, while USDS dropped by 8.34% to $950 million during the month.
Related: Ethena adopts fee-sharing proposal for ENA token
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Hedera Token Sees $2B Trading Spike Amid 5% Rally
ChatGPT’s head of product to testify in the DOJ’s antitrust case against Google
Share link:In this post: ChatGPT’s head of product, Nick Turley, has been added as a witness for the United States Department of Justice (DOJ) in its antitrust case against Google. Nick Turley is the latest addition to the witness list that features representatives from Perplexity and Microsoft. Google ramps up preparation for Turley’s testimony by asking for documents related to the hearing from OpenAI through a subpoena.
SEC charges New York blockchain engineer over GME rug pull fraud
Share link:In this post: Eric Zhu settled SEC fraud claims for orchestrating a rug pull scheme involving Game Coin. Zhu allegedly misappropriated $553K by moving unlocked liquidity provider tokens to his control. The case marks one of SEC Chair Gary Gensler’s final enforcement actions.