Stablecoin Market Reaches All-Time High in November
The post Stablecoin Market Reaches All-Time High in November appeared on BitcoinEthereumNews.com.
The stablecoin sector has achieved unprecedented growth, reaching a remarkable market size of $190 billion in November. This milestone marks a significant recovery, surpassing the previous record set before the Terra-Luna collapse in April 2022. The surge in the overall cryptocurrency market has played a pivotal role in driving demand for stablecoins, resulting in a notable increase in trading volumes. Which Stablecoins Dominate the Market? Leading the charge is Tether’s USDT, which saw its market valuation rise by 10%, hitting $132 billion. Circle’s USDC also experienced growth, with a 12% increase pushing its value to $39 billion. Currently, USDT commands a substantial 69.9% market share, while USDC holds a respectable 20.5%. How Have Stablecoin Transactions Evolved? In November, the volume of stablecoin transactions soared, elevating centralized cryptocurrency exchanges’ trading by 77% to $1.8 trillion. Notably, USDT accounted for 83% of these trades, followed by FDUSD and USDC with 9% and 8%, respectively. Key insights from the report include: The stablecoin market size reached $190 billion. USDT and USDC are the leading stablecoins, holding 69.9% and 20.5% of the market share, respectively. Transaction volumes on centralized exchanges increased by 77% due to stablecoins. 38 out of nearly 200 stablecoins set new supply records last month. The expanding presence of stablecoins in the cryptocurrency market indicates not just increased trading activity but also highlights their critical role as liquidity sources, enriching the overall trading ecosystem with innovative financial products and tools. Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research. Source: https://en.bitcoinhaber.net/stablecoin-market-reaches-all-time-high-in-november
Filed under: News - @ November 27, 2024 4:19 pm