Table of Contents
In November 2025, USD Coin (USDC) continued to strengthen its position as the second-largest and most institutionally trusted fiat-backed stablecoin.
While its trading volume remains far below USDT, USDC processed a substantial $465.1 billion in value throughout the month, reflecting consistent demand across exchanges, payment rails, and on-chain settlement.
With an average daily trading volume of $15.5 billion, USDC demonstrated stable liquidity, minimal peg deviation, and strong market cap stability.
This report breaks down the key metrics, trading patterns, and price stability of USDC throughout November 2025.
Key November 2025 Highlights
- Total trading volume:
$465,138,870,850 - Average daily volume:
$15.50 billion - Highest trading day:
November 4, 2025 – $31.21 billion - Lowest trading day:
November 30, 2025 – $5.76 billion - Average closing price:
$0.999873 - Price range:
$0.998669 – $1.003325 (tight institutional-grade peg) - Average market cap:
~$75.37 billion
USDC's peg held firmly across all 30 trading days, maintaining reputation as the most regulated and conservatively managed fiat stablecoin.
Trading Volume Trends
USDC’s daily trading volume ranged significantly from $5.76B to $31.21B in November.
Key Volume Notes:
- The highest-volume day occurred on November 4, reaching $31.21 billion.
- The lowest-volume day came at month-end on November 30, at $5.76 billion.
Analysis:
While USDC volume is significantly lower than USDT’s, November showed strong consistency. The early-month spike likely corresponded with broader market volatility, derivatives rollovers, and institutional hedging activity — all areas where USDC is increasingly preferred over USDT due to regulatory clarity and banking integrations.
Peg Stability
Throughout November, USDC maintained an exceptionally stable peg, reflecting conservative reserve management and deep liquidity on both centralized exchanges and on-chain AMMs.
- Average closing price: 0.999873
- Largest upward deviation: 1.003325
- Largest downward deviation: 0.998669
Analysis:
These minimal swings reflect USDC’s traditional strength in maintaining a reliable peg for institutional payment flows, corporate treasury routing, and professional trading desks. The peg performance reinforces USDC’s position as the most regulation-aligned stablecoin on the market.
Liquidity & Turnover
USDC maintained a $75.37B average market cap, with relatively modest turnover compared to USDT.
- Average daily turnover: ~0.20–0.45× market cap
- Peak daily turnover: ~0.41×
- Lowest turnover day: ~0.08×
Analysis:
USDC’s lower turnover rate reflects its use case: less as a speculative trading instrument and more as a settlement, payments, and treasury tool. High-quality liquidity persists across major exchanges and DeFi ecosystems, but velocity remains lower than USDT due to differing user profiles and regulatory oversight.
Intraday Volatility
The intraday price range for USDC reached a maximum spread of:
- High: 1.003325
- Low: 0.998669
- Intraday delta: ~46 basis points at maximum volatility
Analysis:
These mild fluctuations typically occur during liquidity fragmentation or brief imbalances between centralized exchanges and on-chain liquidity. None of the deviations signal systemic peg risk — consistent with USDC’s strong off-chain banking integrations and real-time attestations.
Key Observations
Strong institutional peg behavior:
USDC maintained one of the tightest peg profiles among all fiat-backed stablecoins, reinforcing its reputation for reliability.
Consistent Q4 market share:
Despite competition from USDT, PYUSD, and FDUSD, USDC held steady usage in key markets such as Coinbase, Circle apps, and institutional settlement.
Lower but stable trading volume:
USDC processed $465B, reflecting consistent daily demand but far lower velocity than USDT — as expected given its institutional use case.
Market cap stability:
The ~$75B average market cap signals stable issuance and redemptions throughout the month.
Conclusion
November 2025 further solidified USDC’s position as the preferred stablecoin for institutional-grade payments, treasury management, and compliant settlement. With $465 billion processed and one of the cleanest peg profiles in the sector, USDC continues to be the trusted alternative to USDT for regulated markets.
As December begins — historically a high-volume month due to corporate settlement cycles — USDC’s reliability and stability will continue to be essential for both traditional and on-chain finance.
All data from CoinMarketCap
Related
FAQ
1. How much value did USDC process in November 2025?
USDC processed $465 billion in total trading volume, averaging $15.5 billion per day.
2. Did USDC maintain its peg to $1 during November?
Yes. The average closing price was $0.999873, with very small deviations throughout the month.
3. What was the highest daily trading volume?
The highest single-day volume occurred on November 4, with $31.21 billion.
4. How does USDC’s liquidity compare to USDT?
USDC has significantly lower turnover but maintains deeper regulatory alignment and stronger corporate/institutional demand.
5. What caused USDC’s early November volume spike?
Likely institutional positioning, derivatives expiries, and Q4 treasury adjustments — areas where USDC sees heavy usage.
