The stablecoin market cap has reached an all-time high, surpassing the previous record set over two years ago. Tether’s USDT remains the dominant force in the market, controlling over 50% of the market share with a 10.5% increase in market capitalization to reach $133 billion.
According to a recent CCData report, the global stablecoin market capitalization hit an unprecedented $190 billion in November, marking a 9.94% growth from October. This growth is the highest month-on-month increase since November 2021 and represents the 14th consecutive month of end-of-month market cap growth.
USDT continues to lead the growth, accounting for 69.9% of the sector with a 10.5% increase in market capitalization. Similarly, Circle’s USD Coin (USDC) saw significant growth, climbing 12.1% to $38.9 billion. Ethena Labs’ USDe also stood out with a 42.2% rise to a new all-time high of $3.86 billion.
However, some stablecoins like First Digital USD (FDUSD) and Sky Dollar (USDS) experienced declines in market capitalization. Despite this, 38 of the 198 stablecoins analyzed reached new all-time highs in November, indicating a diverse and competitive market.
Stablecoin trading volumes on centralized exchanges soared in November, increasing 77.5% month-on-month to $1.81 trillion. USDT dominated trading activity with 82.7% of all volume, followed by FDUSD and USDC. Euro-denominated stablecoins also saw a significant 52.9% surge in trading activity to $657 million, showing increased adoption among European users.
As stablecoins continue to evolve, their role in crypto trading and settlement becomes more evident. With regulatory clarity in the US and Europe, the sector is expected to see sustained growth and broader adoption across industries. As stablecoins diversify into new use cases like cross-border payments and yield-generating mechanisms, they are set to play a pivotal role in shaping the future of digital finance.
