Stablecoin market capitalization rose nearly 10% in November to $190 billion, the highest in the sector since 2022. Stablecoin trading volume reached $1.81 trillion in November, jumping 77%. Ethereum recorded the highest activity for a stablecoin, outperforming TRON and other blockchain networks.
The stablecoin market has experienced impressive growth over the past 30 days, increasing its market capitalization to $190 billion and trading volume to $1.8 trillion.
Stablecoins hit record highs as market power declines in November
With the significant rise in the cryptocurrency market, the market capitalization of stablecoins increased significantly in November, hitting a new all-time high.
According to a report by CCData, stablecoin market capitalization rose to $190 billion in November, an increase of 9.9% from $188 billion the previous month.
The increase was a record high for the sector and the highest month-on-month increase since 2021.
As a result, stablecoin trading volume surged 77% in November to a staggering $1.8 trillion, indicating that activity among centralized exchanges is becoming more widespread. Masu.
However, stablecoin market dominance has declined slightly, dropping from over 7% in October to 5% in November.
This indicates that the surge in trading volume may be due to the impact of the US presidential election on the cryptocurrency market, which is characterized by institutional investors leaning towards digital assets.
USDT remains dominant, accounting for 69% of the stablecoin market share. The stablecoin rose more than 10% and claimed a new all-time high of $133 billion in market capitalization.
USDT is also popular among DeFi users, especially on the Ethereum blockchain, which currently holds more stablecoins than any other blockchain.
The Ethereum network has seen a 10% increase in USDT circulation on the blockchain over the past week, surpassing the Tron blockchain for the first time in two years.
