Stablecoin Trading Volume Surges 77.5% in November, Hitting $1.81 Trillion

Tether (USDT) maintained its leading position in the stablecoin sector, increasing its market capitalization by 10.5% to $133 billion.

Stablecoin trading volume surged in November, hitting $1.81 trillion as of Nov. 25, a 77.5% rise from previous months.

The total stablecoin market capitalization grew 9.94%, reaching $190 billion — a new record, surpassing the previous high of $188 billion in April 2022, before the collapse of TerraUSD (UST). However, market dominance declined from 7.22% in October to 5.54%, as investors turned their attention to Bitcoin (BTC) and other altcoins.

Tether (USDT) Dominates Stablecoin Market

Tether (USDT) maintained its leading position in the stablecoin sector, increasing its market capitalization by 10.5% to $133 billion. This growth secured 69.9% of the overall stablecoin market share.

Circle’s USD Coin (USDC) also performed well, growing its market cap by 12.1% to $38.9 billion, marking its highest level since February 2023. Despite these gains, other stablecoins like First Digital USD (FDUSD) and Sky Dollar (USDS) reported declines. FDUSD’s market capitalization fell by 14.9% to $1.90 billion, while USDS dropped by 8.34% to $950 million.

Ethena Labs’ USDe Records Substantial Growth

Ethena Labs’ USDe stablecoin experienced significant growth in November, with its market capitalization rising 42.2% to $3.86 billion. The report attributed this increase to higher demand within the Ethena ecosystem following a proposal to activate revenue sharing for Ethena (ENA) tokenholders.

USDe, which launched in February 2024, initially offered an annual percentage yield (APY) of 55.9%. By November, the APY had declined to 21.2%, but the stablecoin continued to attract attention and usage.

Stablecoin Market Dynamics in November

The stablecoin market displayed mixed performance in November. Major players like USDT and USDC expanded their market presence, while some smaller stablecoins faced declining capitalization. The total stablecoin market cap, driven by rising trading volumes, highlights the ongoing shift in investor strategies within the cryptocurrency space.