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Following bitcoin (BTC) and solana (SOL) reaching all-time precocious prices earlier this month, the stablecoin assemblage has present joined crypto's record-breaking streak.
The combined marketplace size of stablecoins deed $190 cardinal this period for the archetypal clip ever, Wednesday's report by integer plus analytics steadfast CCData noted. CCData is owned by Bullish, CoinDesk's genitor company. The erstwhile highest of $188 cardinal was recorded successful April 2022, conscionable earlier the cataclysmic implosion of the Terra-Luna stablecoin that added substance to the integer plus carnivore marketplace present referred to arsenic crypto winter.
Demand for stablecoins soared arsenic cryptocurrency prices exploded successful November arsenic investors rushed into crypto, expecting that the U.S. authorities volition beryllium friendlier toward the manufacture pursuing Donald Trump's predetermination victory. Stablecoins are a cardinal portion of plumbing successful the crypto ecosystem. With their prices anchored to an outer asset, predominantly the U.S. dollar, they are a fashionable root of liquidity for crypto trading, serving arsenic adust pulverization connected exchanges.
This twelvemonth besides brought an detonation of caller tokenized products with prices besides pegged to $1, including tokenized wealth marketplace funds similar BlackRock's BUIDL and concern strategies wrapped into a token similar Ethena's "synthetic dollar" USDe, which is backed by a crypto transportation trade. The CCData study included these platforms successful the tally.
Tether's USDT continues to predominate the stablecoin sector. The token's marketplace headdress roseate 10% implicit the past period to a caller highest of $132 billion, CCData noted. Meanwhile, Circle's USDC, grew 12% to a astir $39 cardinal marketplace cap, the highest since the March 2023 determination banking situation that heavily impacted the token. USDT claims a 69.9% marketplace stock currently, portion USDC is second-largest with a 20.5% share.
It was not conscionable the apical 2 that saw accelerated growth: 38 of the astir 200 tokens tracked made a caller all-time precocious proviso implicit the past month, CCData said.
Ethena's USDe, for example, saw a 42% summation to a caller grounds of $3.8 cardinal successful November. The token generates output to investors by holding spot BTC and ETH and simultaneously shorting (selling) an adjacent magnitude of perpetual futures farming the backing rate. Ethena now offers 25% annualized output (APY) to token holders, arsenic frothy crypto markets elevated backing rates, benefitting the protocol.
The broad-market crypto rally besides boosted trading volumes with stablecoin pairs connected centralized exchanges, rising 77% month-over-month to $1.8 trillion, the study said. USDT was liable for astir 83% of the volumes, followed by Hong Kong-based First Digital's FDUSD 9% and USDC's 8% share.
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