11 月穩定幣交易量飆升 77.5%，達到 1.81 兆美元

Tether（USDT）在穩定幣領域保持領先地位，市值成長 10.5% 至 1,330 億美元。

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

11 月穩定幣交易量激增，截至 11 月 25 日達到 1.81 兆美元，較前幾個月增加 77.5%。

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.

穩定幣總市值成長 9.94%，達到 1,900 億美元，創下新紀錄，超過了 TerraUSD (UST) 崩盤前 2022 年 4 月創下的 1,880 億美元的高點。然而，隨著投資者將注意力轉向比特幣（BTC）和其他山寨幣，市場主導地位從 10 月的 7.22% 下降至 5.54%。

Tether (USDT) Dominates Stablecoin Market

Tether（USDT）主導穩定幣市場

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.

Tether（USDT）在穩定幣領域保持領先地位，市值成長 10.5% 至 1,330 億美元。這一增長確保了穩定幣整體市場份額的 69.9%。

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.

Circle 的美元代幣(USDC) 也表現出色，市值增長12.1% 至389 億美元，創下2023 年2 月以來的最高水平。等其他穩定幣仍出現下跌。 FDUSD 市值下跌 14.9% 至 19 億美元，USDS 市值下跌 8.34% 至 9.5 億美元。

Ethena Labs’ USDe Records Substantial Growth

Ethena Labs 的 USDe 錄得大幅增長

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.

Ethena Labs 的 USDe 穩定幣在 11 月經歷了顯著增長，市值增長 ​​42.2% 至 38.6 億美元。該報告將這一增長歸因於 Ethena 生態系統內提出激活 Ethena (ENA) 代幣持有者收入分享的提議後需求增加。

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.

USDe 於 2024 年 2 月推出，最初提供的年收益率 (APY) 為 55.9%。到 11 月，APY 已下降至 21.2%，但穩定幣繼續吸引關注和使用。

Stablecoin Market Dynamics in November

11月穩定幣市場動態

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.

11 月穩定幣市場表現參差不齊。 USDT 和 USDC 等主要參與者擴大了市場份額，而一些規模較小的穩定幣則面臨資本下降。在交易量上升的推動下，穩定幣總市值凸顯了加密貨幣領域投資者策略的持續轉變。