The combined market size of stablecoins hit $190 billion this month for the first time ever, Wednesday’s report by digital asset analytics firm CCData noted. The previous peak of $188 billion was recorded in April 2022, just before the cataclysmic implosion of the Terra-Luna stablecoin.

Demand for stablecoins soared as cryptocurrency prices exploded in November as investors rushed into crypto, expecting that the U.S. government will be friendlier toward the industry following Donald Trump’s election victory.