Source: Blockchain Knight

According to CCData’s latest report, the global stablecoin market value reached an unprecedented $190 billion in November, exceeding the all-time high of $188 billion set in April 2022. .

Compared to October, the stablecoin experienced a strong growth of 9.94%, recording the highest monthly increase since November 2021.

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

Tether USD (USDT) remains the dominant force, with its market value increasing by 10.5% to $133 billion.

This marks the stablecoin’s 15th consecutive month of gains and now accounts for 69.9% of the industry.

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

At the same time, Ethena Labs’ USDe stood out, rising 42.2% to a record high of $3.86 billion, mainly due to the revenue sharing mechanism for ENA token holders launched in the middle of this month.

In contrast, the market values ​​of First Digital USD (FDUSD) and Sky Dollar (USDS) fell, falling by 14.9% and 8.34% respectively.

The report shows that of the 198 stablecoins analyzed, 38 reached all-time highs in November, indicating that the market is diverse and competitive.

While USDT, USDC and USDe have contributed the most to the growth of the industry, some stablecoins also face challenges.

Additionally, 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 euro-pegged stablecoin’s market capitalization fell by 11.4% to $256 million.

As of November 25, stablecoin trading volume on centralized exchanges soared to US$1.81 trillion, a month-on-month increase of 77.5%.

The surge in trading volume is on track to surpass March’s full-year record, driven by growing institutional interest and optimism about U.S. regulatory clarity.

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

USDT dominates trading activity, accounting for 82.7% of the total trading volume on centralized exchanges, while FDUSD ranks as the second largest stablecoin by trading volume with a market share of 9.01%, and USDC with 8.01% market share.It follows with a market share of .09%.

The report stated that FDUSD’s dominance reflects its strong application in the Asian market, especially in cross-border payment applications.

Meanwhile, trading activity for euro-denominated stablecoins surged 52.9% this month to $657 million, indicating increased adoption of stablecoins among European users. Analysts believe that while the decrease in market capitalization may reflect short-term consolidation, the increase in transaction activity indicates steady progress in establishing practicality and compliance under the MiCA framework.

As stablecoins continue to develop, their role as the backbone of Crypto asset trading and settlement has become increasingly apparent.

The monthly trading volume of stablecoins exceeds 1.81 trillion U.S. dollars, and institutional confidence continues to increase, and is expected to achieve continued growth.

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

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