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The trading volume of stablecoins has soared to 1.8 trillion US dollars up until November

The trading volume of stablecoins has soared to 1.8 trillion US dollars up until November

Bitget2024/11/28 02:21

According to a report by CCData on November 27, as of November 25, the monthly trading volume of stablecoins surged by 77.5% to $1.81 trillion. This increase positions centralized exchanges to potentially reach a new annual high in monthly trading volume.

The total market capitalization of stablecoins continued its 14-month rising trend, growing by 9.94% in November to $190 billion. This surpasses the previous historical high of $188 billion before the collapse of Terra's TerraUSD algorithmic stablecoin in April 2022. Despite this growth, the market share of stablecoins decreased from 7.22% in October to 5.54%, due to investors and traders diversifying their investments into Bitcoin and altcoins.

USDT continues to show strong performance, with its market value increasing by 10.5% to $133 billion. USDT holds 69.9% of the overall market, followed by Circle's USDC, which grew by 12.1% in November to $38.9 billion, reaching its highest level since February 2023. Ethena Labs’ USDe also showed growth, with its market cap increasing by 42.2% to $3.86 billion.

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.
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