Stablecoin market cap strikes brand-new ATH after more than 2 years Assad Jafri · 7 hours ago · 2 minutes checked out
Tether’s USDT stays the dominant force, managing over 50% of the marketplace share after taping a 10.5% boost in market capitalization to reach $133 billion.
2 minutes checked out
Upgraded: Nov. 27, 2024 at 6:41 pm UTC
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The international stablecoin market capitalization reached an extraordinary $190 billion in November, going beyond the previous all-time high of $188 billion embeded in April 2022, according to a current CCData report.
The sector experienced a robust 9.94% development from October, marking the greatest month-on-month boost because November 2021.
This turning point likewise represents the 14th successive month of end-of-month market cap development, showing continual worldwide need for stablecoins as an important part of the digital financing environment.
USDT leads development
TetherUSD (USDT) stays the dominant force, tape-recording a 10.5% boost in market capitalization to reach $133 billion. This marks the 15th successive month-to-month increase for the stablecoin, which now represents 69.9% of the sector.
Circle’s USD Coin (USDC) likewise published considerable development, climbing up 12.1% to $38.9 billion, the greatest level because February 2023.
Ethena Labs’ USDe stood out with a 42.2% increase to a brand-new all-time high of $3.86 billion, driven by the mid-month activation of revenue-sharing systems for ENA token holders.
On the other hand, First Digital USD (FDUSD) and Sky Dollar (USDS) skilled decreases in market capitalization, falling 14.9% and 8.34%, respectively.
The report exposed that 38 of the 198 stablecoins examined reached brand-new all-time highs in November, signifying a varied and competitive market. While USDT, USDC, and USDe were amongst the biggest factors to the sector’s development, some stablecoins dealt with difficulties.
In addition, Euro-denominated stablecoins are becoming a location of development and compliance, placing Europe as a possible leader in the next stage of stablecoin adoption.
Euro-pegged stablecoins experienced an 11.4% drop in market cap, falling to $256 million regardless of numerous favorable advancements in the area in current weeks.
Trading volume near record highs
Stablecoin trading volumes on central exchanges skyrocketed in November, increasing 77.5% month-on-month to $1.81 trillion since Nov. 25.
The rise puts trading activity on track to go beyond March’s annual record, buoyed by growing institutional interest and optimism over regulative clearness in the United States. Experts associate the uptick to increased self-confidence in stablecoins as dependable properties for trading and hedging within an unpredictable crypto market.
USDT controlled trading activity, representing 82.7% of all volume throughout central exchanges, while FDUSD ranked as the 2nd most traded stablecoin with a 9.01% market share, followed by USDC at 8.09%.
According to the report, FDUSD’s supremacy shows its strong adoption in Asian markets,
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