The dominance of stablecoins in the market has reached its lowest point since December 2021, despite the fact that they had the highest monthly supply in February 2022. The total market capitalization of stablecoins increased by 3.43% to $128 billion in November. This upward trend is expected to continue, with the market capitalization already surpassing $129 billion in December. The market capitalization of USDT reached $90.8 billion in December, marking a new all-time high for the stablecoin. It is also the first stablecoin to surpass the $90 billion mark. USDT currently has a market dominance of 70.2% among the top 10 stablecoins, the highest level since January 2021. The trading volume of USDT pairs on centralized exchanges reached $662 billion in November, the highest level since March 2023. The market capitalization of FDUSD rose by 92.6% to $1.63 billion in December, making it the fifth largest stablecoin. Binance announced that it will end support for its stablecoin BUSD, which has seen 13 consecutive months of decline in market cap. BUSD's market share fell to $1.47 billion in December. The decline of BUSD began after it received a Wells Notice from the US SEC in February and has been gradually replaced by TrueUSD and FDUSD.
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