Stablecoin market value reaches 190 billion US dollars! A new high after two years

According to the latest report from CCData, the global stablecoin market capitalization reached an unprecedented $190 billion in November, surpassing the previous all-time high of $188 billion set in April 2022.

Compared to October, stablecoins experienced a strong 9.94% increase, marking the highest monthly increase since November 2021.

The milestone also represents the 14th consecutive month of month-end market capitalization growth, reflecting the continued global demand for stablecoins as an integral part of the digital financial ecosystem.

Tether USD (USDT) remained the dominant force, with a market capitalization increase of 10.5% to $133 billion.

This marks the 15th consecutive month of gains for the stablecoin, which now accounts for 69.9% of the industry.

Similarly, Circle’s USD Coin (USDC) also saw significant growth, climbing 12.1% to $38.9 billion, the highest level since February 2023.

Meanwhile, Ethena Labs’ USDe stood out, rising 42.2% to a new all-time high of $3.86 billion, mainly thanks to the ENA token holder revenue sharing mechanism launched in the middle of this month.

In contrast, the market capitalization of First Digital USD (FDUSD) and Sky Dollar (USDS) declined, falling 14.9% and 8.34%, respectively.

The report shows that 38 of the 198 stablecoins analyzed hit all-time highs in November, indicating a diversified and competitive market.

While USDT, USDC and USDe contributed the most to the industry’s growth, some stablecoins also faced challenges.

In addition, euro-denominated stablecoins are emerging as an area of ​​innovation and compliance, making Europe a potential leader in the next phase of stablecoin adoption.

However, despite some positive developments in the region in recent weeks, the market capitalization of euro-pegged stablecoins has fallen by 11.4% to $256 million.

As of November 25, stablecoin trading volume on centralized exchanges surged to $1.81 trillion, up 77.5% month-on-month.

The surge in trading volume is expected to exceed March's full-year record, driven by growing institutional interest and optimism about regulatory clarity in the United States.

Analysts believe that the rise in stablecoin trading volume is due to increased confidence in stablecoins as a reliable asset for trading and hedging in the volatile Crypto asset market.

USDT dominated trading activity, accounting for 82.7% of the total trading volume on centralized exchanges, while FDUSD ranked second in terms of trading volume with a market share of 9.01%, followed by USDC with a market share of 8.09%.

The report said that FDUSD's dominance reflects its strong adoption in Asian markets, especially in cross-border payment applications.

Meanwhile, euro-denominated stablecoins saw a sharp surge in trading activity of 52.9% to $657 million this month, indicating an increase in stablecoin adoption among European users.

Analysts believe that while the reduction in market capitalization may reflect short-term consolidation, the increase in trading activity indicates steady progress in establishing practicality and compliance under the MiCA framework.

As stablecoins continue to develop, their role as a pillar of Crypto asset trading and settlement is becoming increasingly apparent.

With monthly trading volume exceeding $1.81 trillion, institutional confidence is growing and expected to achieve continued growth.

Regulatory clarity in the United States and Europe is expected to further legitimize stablecoins, thereby encouraging wider adoption of stablecoins across industries.

As stablecoins diversify into new use cases such as cross-border payments and yield-generating mechanisms, the industry will play a key role in shaping the future of digital finance.