Stablecoins reached a new all-time high market cap of $190 billion in November 2024, surpassing the previous peak of $188 billion seen before the Terra crash in April 2022. This surge is attributed to increased demand as cryptocurrency prices soared following Donald Trump's election victory, leading to a more favorable regulatory outlook for the crypto industry. Major players like Tether's USDT saw a market cap rise of 10%, reaching $132 billion, while Circle's USDC grew by 12% to nearly $39 billion. The report identified a 77% increase in trading volumes of stablecoin pairs on centralized exchanges, with USDT accounting for approximately 83% of those volumes. Beyond Tether and Circle, 38 other stablecoins also achieved all-time high supplies, indicating widespread growth in the sector. New products linked to stablecoins, such as Ethena's USDe, further integrated into the market, propelling overall activity and liquidity in the crypto ecosystem.

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