In November 2024, stablecoin trading volume saw a remarkable increase, reaching $1.81 trillion by November 25, a 77.5% rise, according to a CCData report. This surge reflects a continuing upward trend in the stablecoin market for the past fourteen months. The overall stablecoin market capitalization rose by 9.94% to $190 billion, surpassing the previous all-time high of $188 billion set in April 2022. Despite this growth, market dominance fell to 5.54%, down from 7.22% in October, as traders shifted focus to Bitcoin and altcoins. Tether's market cap grew by 10.5% to $133 billion, while Circle's USD Coin reached $38.9 billion, marking its highest level since February 2023. Additionally, Ethena Labs’ USDe saw a significant rise of 42.2% to $3.86 billion, attributed to newfound interest in the Ethena ecosystem. However, First Digital USD and Sky Dollar experienced notable declines, with FDUSD decreasing by 14.9% and USDS by 8.34% during the month.

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