Exceeded the historical record of $188 billion set in April 2022.

Source: cryptoslate

Translation: Blockchain Knight

According to the latest report from CCData, the global stablecoin market cap reached an unprecedented $190 billion in November, surpassing the historical high of $188 billion set in April 2022.

Compared to October, stablecoins experienced a strong growth of 9.94%, marking the highest monthly increase since November 2021.

This milestone also represents the 14th consecutive month of end-of-month market cap growth, reflecting the ongoing global demand for stablecoins as a component of the digital financial ecosystem.

Tether USD (USDT) remains the dominant force, with a market cap growth of 10.5%, reaching $133 billion.

This marks the 15th consecutive month of growth for this stablecoin, which currently accounts for 69.9% of the industry.

Similarly, Circle's USD Coin (USDC) also saw significant growth, climbing 12.1% to $38.9 billion, the highest level since February 2023.

Meanwhile, Ethena Labs' USDe stood out, rising 42.2% to a historical high of $3.86 billion, primarily due to the income-sharing mechanism for ENA token holders launched in mid-November.

In contrast, the market caps of First Digital USD (FDUSD) and Sky Dollar (USDS) saw declines, dropping 14.9% and 8.34%, respectively.

The report indicates that among the 198 stablecoins analyzed, 38 set historical highs in November, suggesting a diverse and competitive market landscape.

While USDT, USDC, and USDe contributed the most to the industry's growth, some stablecoins also face challenges.

Additionally, euro-denominated stablecoins are emerging as an innovative and compliant area, positioning Europe as a potential leader in the next phase of stablecoin applications.

However, despite some positive developments in the region in recent weeks, the market cap of euro-pegged stablecoins has decreased by 11.4%, falling to $25.6 million.

As of November 25, the trading volume of stablecoins on centralized exchanges surged to $1.81 trillion, a month-on-month increase of 77.5%.

Driven by increased institutional interest and optimism regarding regulatory clarity in the U.S., the surge in trading volume is expected to surpass the annual record set in March.

Analysts believe that the rise in stablecoin trading volume is due to increased confidence in stablecoins, viewed as reliable assets for trading and hedging in the turbulent crypto asset market.

USDT dominates trading activity, accounting for 82.7% of the total trading volume on centralized exchanges, while FDUSD ranks as the second-largest stablecoin by trading volume with a 9.01% market share, followed closely by USDC with an 8.09% market share.

The report states that FDUSD's dominance reflects its strong application in the Asian market, particularly in cross-border payment applications.

Meanwhile, euro-denominated stablecoins saw a significant surge in trading activity this month, increasing by 52.9% to $657 million, indicating a rise in adoption among European users.

Analysts believe that while the decrease in market cap may reflect short-term consolidation, the increase in trading activity suggests steady progress in establishing practicality and compliance under the MiCA framework.

As stablecoins continue to evolve, their role as a pillar for crypto asset trading and settlement becomes increasingly evident.

With monthly trading volume exceeding $1.81 trillion and growing institutional confidence, sustained growth is anticipated.

It is expected that regulatory clarity in the U.S. and Europe will further legitimize stablecoins, encouraging broader adoption across various industries.

As stablecoins diversify into new use cases such as cross-border payments and yield generation mechanisms, the industry will play a key role in shaping the future of digital finance.

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