Stablecoin trading volumes surged 77.5% in November to $1.81 trillion as of the 25th, placing trading volumes on track to record a yearly high and surpass the previous record seen in March.

Leading stablecoin issuer Tether is axing its euro-pegged stablecoin, EURT, in a move that comes as the European Union prepares to implement stringent cryptocurrency regulations known as Markets in Crypto Assets (MiCA).

Shares of Bitcoin miner IREN (IREN) soared nearly 30% on Wednesday after executives hinted at a potential partnership with an artificial intelligence (AI) firm and discussed the possibility of a Bitcoin dividend during an earnings conference call.

Top stories in the Crypto Roundup today:

• Stablecoin Trading Volume Surges to $1.81 Trillion
• Tether Axes Euro Stablecoin Ahead of MiCA Regulations
• Bitcoin Miner IREN Surges on AI Hosting Hopes, Bitcoin Dividend Hint
• Tether’s USDT Continues to Hit New Highs

Stablecoin Trading Volume Surges to $1.81 Trillion

Stablecoin trading volumes surged 77.5% in November to $1.81 trillion as of the 25th, placing trading volumes on track to record a yearly high and surpass the previous record seen in March.

According to CCData’s latest Stablecoins & CBDCs report, the broader stablecoin sector’s total market capitalization witnessed a 9.94% increase in November to $190 billion, and surpassing the previous $188 billion all-time high seen in April 2022, ahead of the collapse of Terra’s ecosystem.

The growth comes amid a 14-month upward trend for the stablecoin sector, but despite it the sector’s market dominance dropped from 7.22% in October to 5.54% last month.

Tether’s USDT has remained the leading stablecoin in the space after seeing a 10.5% rise in its market capitalization to $133 billion, leading to a 69.9% market share. Circle’s USDC, on the other hand, saw a 12.1% rise to $38.9 billion, its highest level since February 2023.

Tether Axes Euro Stablecoin Ahead of MiCA Regulations

Leading stablecoin issuer Tether is axing its euro-pegged stablecoin, EURT, in a move that comes as the European Union prepares to implement stringent cryptocurrency regulations known as Markets in Crypto Assets (MiCA).

MiCA, which is set to come into full effect by the end of the year, imposes rigorous compliance standards on stablecoin issuers operating within the EU. Tether, which has not obtained the necessary Electronic Money Institution (EMI) license, has been a vocal critic of the new regulations.

In contrast, rival issuer Circle, the company behind USDC, has successfully fulfilled the regulatory requirements. Notably, EURT hasn’t attracted considerable demand in the euro stablecoin market, having a market capitalization of around $27 million, compared to Circle’s EURC, whose market capitalization was $90 million, and Stasis Euro’s $130 million.

In light of the regulatory challenges, Tether has shifted its focus to new ventures, including an investment in Netherlands-based stablecoin issuer Quantoz and the launch of its tokenization platform, Hadron.

Bitcoin Miner IREN Surges on AI Hosting Hopes, Bitcoin Dividend Hint

Shares of Bitcoin miner IREN (IREN) soared nearly 30% on Wednesday after executives hinted at a potential partnership with an artificial intelligence (AI) firm and discussed the possibility of a Bitcoin dividend during an earnings conference call.

Daniel Roberts, co-CEO and co-founder of IREN, revealed that the Sydney-based company has been approached by a major cloud service provider to host computing infrastructure at its Sweetwater mining site in Texas.

While Roberts refrained from disclosing specific details, he emphasized the growing interest from large tech companies in leveraging the company's infrastructure for AI and high-performance computing (HPC) needs.

IREN, like many other miners, is actively exploring diversification strategies to mitigate the impact of reduced Bitcoin mining rewards following the recent halving event. By offering secure hosting solutions for AI and HPC workloads, miners can tap into a burgeoning market and generate additional revenue streams.

The company appointed Morgan Stanley in July to explore monetization opportunities for its mining facilities. Its recent surge also came as it hinted at a potential Bitcoin dividend

Tether’s USDT Continues to Hit New Highs

The total market capitalization of Tether’s USDT rose 10.5% to $133 billion in November, a new all-time high for the stablecoin in its fifteenth consecutive monthly increase.

The rise saw its dominance of the stablecoin market rise to 69.9% while rival stablecoin USDC rose 12.1% to a $38.9 billion market capitalization, its highest since February 2023.

Ethena Labs’ USDe rose 42.2% to $3.86 billion, while First Digital USD (FDUSD) and Sky Dollar (USDS) saw the most severe declines in market capitalisation among the top 10 stablecoins, falling 14.9% and 8.34% to $1.90 billion and $950 million, respectively.

Dig deeper into the stablecoin sector through CCData’s latest Stablecoins & CBDCs report.

State of the Crypto by Top Tier Exchange Volume

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