Stablecoin trading volume hits $1.8 trillion in November, 2024 record
November has been a record-setting month for stablecoin trading, with volumes surging to $1.81 trillion as of November 25, a 77.5% increase from the previous month, according to CCData. This surge positions stablecoin trading on centralized exchanges to hit its highest level in 2024.
Total stablecoin market capitalization also grew by 9.94%, reaching $190 billion and surpassing the previous all-time high of $188 billion set in April 2022, before the collapse of TerraUSD. However, stablecoins’ market dominance dipped to 5.54% from 7.22% in October, reflecting increased diversification into Bitcoin and altcoins.
Tether and USDC dominate growth
Tether (USDT) remains the market leader, with its market capitalization growing 10.5% to $133 billion, accounting for nearly 70% of the total stablecoin market. Circle’s USD Coin (USDC) also experienced notable growth, with its market cap expanding by 12.1% to $38.9 billion, marking its highest level since February 2023.
Newer stablecoins are also gaining traction. Ethena Labs’ USDe posted a significant 42.2% increase in market cap, reaching $3.86 billion. The growth was fueled by increased interest in the Ethena ecosystem, particularly following its proposal to share revenue with tokenholders. However, the APY for USDe has declined from a high of 55.9% in March to 21.2% in November.
Not all stablecoins shared in the growth. First Digital USD (FDUSD) and Sky Dollar (USDS) saw declines in market capitalization, falling by 14.9% to $1.90 billion and 8.34% to $950 million, respectively.
As institutional confidence in digital assets grows, stablecoins remain a vital component of the cryptocurrency ecosystem, bridging the gap between fiat and digital currencies. With trading volumes and market capitalization reaching new heights, stablecoins are positioned to play an increasingly prominent role in the evolving financial landscape.
Read also: Chinese SOS Ltd to invest $50M in Bitcoin, backed by U.S. regulatory support
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