cryptojournalist
Stablecoins had a huge month in November, with trading volume jumping 77.5% to $1.81 trillion, according to CCData. It’s shaping up to be a record year for stablecoin activity on exchanges as institutional interest grows.
Market Trends: Growth and Diversification
The total market cap for stablecoins hit $190 billion, topping its 2022 high before TerraUSD’s collapse. But dominance slipped to 5.54%, as more investors shifted toward Bitcoin and other coins.
Winners in the Stablecoin Space
Tether (USDT): Still leading with a 69.9% market share and a 10.5% increase to $133 billion.
USD Coin (USDC): Grew 12.1% to $38.9 billion, its highest in months.
USDe (Ethena Labs): Saw massive growth, rising 42.2% to $3.86 billion, boosted by Ethena’s new revenue-sharing feature.
Stablecoins That Struggled
Not all stablecoins saw gains:
FDUSD: Dropped 14.9% to $1.9 billion.
Sky Dollar (USDS): Fell 8.34% to $950 million.
