According to a report from CCData, the market capitalization of stablecoins grew by 9,94% in November, reaching the highest monthly figure since November 2021.
The total value of all stablecoins has now reached $190 billion, surpassing the previous record set in April 2022, shortly before the collapse of Terra UST.
Stablecoin Market Cap
The record market capitalization shows that the use of fiat-pegged assets has increased significantly. According to a report from CCData, stablecoin trading volume increased by 77,5% in November, reaching $25 trillion as of November 1,81. At this rate, the figure recorded in the last month of autumn could exceed the annual maximum reached in March 2024.
Trading volumes on centralized exchanges are on track to reach a yearly high, fueled by increased institutional investor confidence in the asset class and the industry preparing for favorable regulation from the new U.S. government, according to a report from CCData.
Despite the growth in stablecoin capitalization, their market share has fallen from 7,22% in October to the current 5,54%. This is the lowest figure since March 2024, and this is mainly due to the rise in the value of cryptocurrencies, including Bitcoin.
In November, the market capitalization Tether (USDT) has risen 10,5% to $133,3 billion, a new all-time high for the stablecoin, which has been growing for 15 months in a row. USDT dominance now stands at 69,9%.
Second by market capitalization stablecoin Circle's USDC saw an even more significant increase of 12,1% to $38,9 billion, the highest since February 2023. The asset's share now stands at 20,5%.
