11 月稳定币交易量飙升 77.5%，达到 1.81 万亿美元

Tether（USDT）在稳定币领域保持领先地位，市值增长 10.5% 至 1330 亿美元。

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

11 月份稳定币交易量激增，截至 11 月 25 日达到 1.81 万亿美元，较前几个月增长 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.

稳定币总市值增长 9.94%，达到 1900 亿美元，创下新纪录，超过了 TerraUSD (UST) 崩盘前 2022 年 4 月创下的 1880 亿美元的高点。然而，随着投资者将注意力转向比特币（BTC）和其他山寨币，市场主导地位从 10 月份的 7.22% 下降至 5.54%。

Tether (USDT) Dominates Stablecoin Market

Tether（USDT）主导稳定币市场

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）在稳定币领域保持领先地位，市值增长 10.5% 至 1330 亿美元。这一增长确保了稳定币整体市场份额的 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 的美元代币 (USDC) 也表现出色，市值增长 12.1% 至 389 亿美元，创下 2023 年 2 月以来的最高水平。尽管取得了这些收益，但 First Digital USD (FDUSD) 和 Sky Dollar (USDS) 等其他稳定币仍出现下跌。 FDUSD 市值下跌 14.9% 至 19 亿美元，USDS 市值下跌 8.34% 至 9.5 亿美元。

Ethena Labs’ USDe Records Substantial Growth

Ethena Labs 的 USDe 录得大幅增长

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 稳定币在 11 月份经历了显着增长，市值增长 42.2% 至 38.6 亿美元。该报告将这一增长归因于在提议激活 Ethena (ENA) 代币持有者收入分成后，Ethena 生态系统内的需求增加。

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 于 2024 年 2 月推出，最初提供的年收益率 (APY) 为 55.9%。到 11 月，APY 已下降至 21.2%，但稳定币继续吸引关注和使用。

Stablecoin Market Dynamics in November

11月稳定币市场动态

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 月份稳定币市场表现参差不齐。 USDT 和 USDC 等主要参与者扩大了市场份额，而一些规模较小的稳定币则面临着资本下降。在交易量上升的推动下，稳定币总市值凸显了加密货币领域投资者策略的持续转变。