Table of Contents
In November 2025, Tether (USDT) continued its dominance as the most heavily used asset in the crypto economy, processing $3.84 trillion in monthly trading volume, up sharply from October levels.
With an average daily volume of $128.1 billion, USDT delivered deep liquidity, reliable peg performance, and strong market cap consistency throughout the month.
This report breaks down the key metrics, trading patterns, and price stability of Tether throughout November 2025.
Key November 2025 Highlights
- Total trading volume:
$3,842,014,677,549 - Average daily volume:
$128.07 billion - Highest trading day:
November 28, 2025 - $241.48 billion - Lowest trading day:
November 29, 2025 - $56.45 billion - Average closing price:
$0.999687 - Price range:
$0.997808 – $1.003284 (moderate peg deviations) - Average market cap:
~$184 billion - Circulating supply range:
184.5B – 184.6B USDT
Despite wider intraday swings compared to earlier months, Tether remained firmly anchored near $1 and continued to outpace every other stablecoin in both daily and monthly activity.
Trading Volume Trends
Tether’s daily trading activity in November showed substantial fluctuation, ranging from $56.45B to $241.48B per day.
Notable patterns:
- Late-month volatility caused a major surge on November 28, pushing volume past $241 billion, the highest of the period.
- Even on the lowest day, USDT still processed over $56 billion, maintaining a liquidity level far beyond other stablecoins.
Analysis:
These surges likely correspond with market-wide volatility events typical of late Q4 positioning — including futures expiry, tax harvesting flows, and Bitcoin’s pre-halving accumulation behavior. USDT continues to serve as the primary liquidity refuge during these macro shifts.
Peg Stability
Despite trillions in processed volume, Tether’s peg remained tight throughout November.
- Average closing price: 0.999687
- Highest price: 1.003284
- Lowest price: 0.997808
Analysis:
A deviation of roughly ±0.23% at the extremes shows moderate volatility compared to the unusually tight peg observed during July. These small swings are typical during stress periods of high leverage and cross-exchange arbitrage. Crucially, none of these deviations indicate structural instability.
Liquidity & Turnover
USDT’s liquidity profile remained unrivaled:
- Daily trading volume averaged ~70% of its market cap
- On several days, turnover exceeded 1.0, meaning the entire supply changed hands within 24 hours.
Analysis:
A volume-to-market-cap ratio near or above parity is characteristic of settlement assets with extremely high velocity. This further reinforces USDT’s role as the de facto base pair for virtually all centralized and decentralized markets.
Intraday Volatility
The widest intraday swing occurred on days when USDT briefly touched 1.00328 on the high end and 0.99780 on the low end — roughly a 34 basis point spread.
Analysis:
These small fluctuations almost always occur during periods of cross-exchange liquidity fragmentation or short-term arbitrage inefficiencies. Peg stability remained intact, with no evidence of systemic peg stress.
Key Observations
Late-month surge:
The huge volume spike on November 28 signals elevated market activity heading into December, aligning with macro catalysts and exchange settlement windows.
Resilient peg performance:
Even with wider intraday ranges than midsummer months, USDT remained highly stable in its closing price.
Dominance in liquidity:
USDT continues to carry more daily value than every other stablecoin combined, reinforcing its role as the backbone of global crypto trading.
Strong market confidence:
The average market cap held firm at ~$184B, indicating stable issuance and demand despite broader volatility.
Conclusion
November 2025 reaffirmed Tether’s position as the central operating currency of the crypto ecosystem.
With $3.84 trillion in volume processed and a stable closing peg each day, USDT again demonstrated unmatched liquidity, velocity, and reliability.
As markets move into December, historically a high-volatility month, Tether is expected to retain its role as the settlement engine that keeps crypto markets moving.
All data from CoinMarketCap.
Related
FAQ:
1. How much value did Tether process in November 2025?
USDT processed $3.84 trillion in trading volume, with an average of $128.1 billion per day.
2. Did Tether maintain its peg to $1 during November?
Yes. Despite minor intraday deviations, the average closing price was $0.999687, indicating strong peg stability.
3. What was the highest daily trading volume?
The highest single-day volume occurred on November 28, with $241.48 billion traded.
4. How does Tether’s liquidity compare to other cryptocurrencies?
USDT’s daily turnover frequently approaches or exceeds its entire market cap — a level of velocity unmatched by any major asset, including BTC and ETH.
5. What caused the late-November spike in activity?
Market volatility, futures expiry, and pre-December positioning likely contributed to the massive uptick in trading volume.
