Stablecoin volumes surge in November amid rising institutional demand for digital assets

• The stablecoin market cap grew nearly 10% in November to $190 billion, the sector’s highest since 2022.
• Stablecoin trading volumes hit $1.81 trillion in November, surging 77%.
• Ethereum outperformed TRON and other blockchain networks, recording the highest stablecoin activity.

The stablecoin market has seen remarkable growth in the past 30 days, marked by an increase in its market capitalization to $190 billion and $1.8 trillion in trading volumes.

Stablecoins surpass previous all-time high amid declining market dominance in November

Stablecoin market capitalization grew considerably in November, surging to a new all-time high as the crypto market witnessed a significant rise.

CCData report suggests that the stablecoin market cap rose to $190 billion in November, up 9.9% from $188 billion in the previous month. 

The growth marked a new all-time high for the sector, which saw its highest percentage month-to-month rise since 2021.

Consequently, stablecoin trading volumes spiked 77% in November to a staggering $1.8 trillion, indicating wider activity among centralized exchanges. 

However, the stablecoin market witnessed a slight decline in dominance, falling from over 7% in October to 5% in November.

This shows that the jump in trading volume could be traced to the impact of the US presidential election on the crypto market, which was characterized by institutional investors leaning toward digital assets.

USDT remained dominant, hosting 69% of the stablecoin market share. The stablecoin rose over 10%, claiming a new market cap all-time high of $133 billion.

USDT has also been a favorite among DeFi users, particularly on the Ethereum blockchain, which now holds more stablecoins than other blockchains.

The Ethereum network witnessed a 10% increase in USDT circulation on its blockchain over the past week, surpassing the Tron blockchain for the first time in two years.