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Despite recording the largest monthly supply since February 2022, the dominance of the entire stablecoin market cap fell to 8.07% in December, marking its lowest market share since December 2021.
According to a CCData research report, the total market capitalization of stablecoins increased by 3.43% to reach $128 billion in November. The upward trajectory appears to persist, as the asset class has already surpassed $129 billion as of December 18.
The market capitalization of USDT has exceeded $90 billion, marking a historic milestone as it reaches this figure for the first time.
In December, the market capitalization of USDT reached $90.8 billion, marking a significant milestone. This achievement represents an unprecedented high for the stablecoin, making it the first of its kind to exceed the $90 billion mark in market capitalization.
Notably, this marks the fourth consecutive month of growth in the market capitalization of the leading stablecoin. Currently, USDT holds a dominant position among the top 10 stablecoins, with a market dominance of 70.2%, the highest level since January 2021.
Researchers at CCData disclosed that the trading volume for USDT pairs on centralized exchanges hit $662 billion in November, reaching the highest level recorded since March 2023.
For the month of December, the standout stablecoin was First Digital USD (FDUSD). Its market capitalization experienced a remarkable 92.6% increase, reaching $1.63 billion as of December 18th, setting a new record for the stablecoin.
This marks the first instance of FDUSD surpassing BinanceUSD (BUSD) as the fifth-largest stablecoin, trailing behind USDT, USDC, Dai, and TrueUSD.
Binance Ceases Support for Binance USD (BUSD)
In the current month, Binance made the announcement to discontinue support for its stablecoin, Binance USD (BUSD).
BUSD witnessed a continuous decline in market capitalization for 13 consecutive months, reaching $1.47 billion in December.
At one point, the stablecoin constituted almost 36.4% of the trading volumes on Binance. However, it has been gradually replaced by TrueUSD and First Digital USD since receiving a Wells Notice from the US SEC in February.